[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6463 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6463

  To amend title 31, United States Code, to require the President to 
   submit with the budget an estimate of the deficit using generally 
                    accepted accounting principles.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2012

    Mr. Gingrey of Georgia introduced the following bill; which was 
                referred to the Committee on the Budget

_______________________________________________________________________

                                 A BILL


 
  To amend title 31, United States Code, to require the President to 
   submit with the budget an estimate of the deficit using generally 
                    accepted accounting principles.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Generally Accepted Accounting 
Principles Act'' or the ``GAAP Act''.

SEC. 2. BUDGET DEFICIT CALCULATION USING GENERALLY ACCEPTED ACCOUNTING 
              PRINCIPLES.

    (a) In General.--Section 1105(a) of title 31, United States Code, 
is amended--
            (1) by redesignating the second paragraph (37) (relating to 
        a list of plans and reports for elimination or consolidation) 
        as paragraph (39); and
            (2) by adding at the end the following new paragraph:
            ``(40) an estimate of the deficit or surplus for the fiscal 
        year for which the budget is submitted, prepared using 
        generally accepted accounting principles.''.
    (b) Effective Date.--The requirement added by subsection (a) shall 
take effect beginning with the budget submission made by the President 
in 2014.
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