Honest Budget Act
Latest action. Read twice and referred to the Committee on the Budget.
Honest Budget Act - Amends procedures in the Congressional Budget Act of 1974 (CBA) that make it out of order in the Senate to consider appropriations legislation until the Senate agrees to a concurrent resolution on the budget. Permits waivers or suspension of such requirements, or successful appeals from a ruling of the Chair, by an affirmative vote of three-fifths (60) of the Senate.
Declares that it shall not be in order in the Senate to consider certain bills, joint resolutions, or conference reports that designate as an emergency requirement any provision that creates discretionary or direct spending or decreases revenues. Requires an affirmative vote of three-fifths (60) of the Senate to successfully appeal from a ruling of the Chair on a point of order against such a measure.
Establishes a procedure for emergency designations by amendment.
Amends the Federal Credit Reform Act of 1990 (FCRA) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis (currently, a FCRA accrual basis).
Expands such new budgetary treatment to financial investments beginning in FY2015. Defines "financial investment" as a federal government investment in any securities (debt or equity) or futures, swaps, or other derivatives, issued by a non-federal entity, regardless of whether the issuances are federally guaranteed, or issued by a federal entity if the issuance consists of marketable securities.
Requires the President's budget: (1) from FY1992 on to reflect the Treasury discounting component of direct loan and loan guarantee programs; and (2) from FY2015 on to reflect the costs of direct loan, loan guarantee, and financial investment programs.
Defines "Treasury discounting component" as the estimated long-term cost to the federal government of a direct loan, loan guarantee, or financial investment calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays.
Revises other requirements for the President's budget including conditions for new direct loan obligations incurred and loan guarantee commitments made for FY1992 and thereafter, and new financial investment commitments for FY2015 and thereafter. Requires new budget authority for such loans or loan guarantee or financial investment commitments to be provided in advance in an appropriations Act.
The summary continues for 7 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 4, 2011. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 4, 2011: Read twice and referred to the Committee on the Budget.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 112th Congress (2011-12), 283 of the 10,618 bills and joint resolutions introduced became law, about 2.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Jeff Sessions (R-AL) introduced it on October 4, 2011, and 21 members have since signed on as cosponsors.
They are 21 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 4, 2011, 5502 days ago. The most recent recorded action was 5502 days ago, on October 4, 2011.
Measures do not carry over. Anything the 112th Congress has not finished by January 3, 2013 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers