I 112th CONGRESS 2d Session H. R. 6463 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.

1.

Short title

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

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.