This bill would change how Congress makes the federal budget. It defines an "annual budget Act" as a single, itemized budget that lists all federal budget authority and revenue. Committees other than appropriations must send line-by-line spending and revenue items and any proposed laws to change those items to the Budget Committee for inclusion in the annual budget Act. The bill sets a new timetable: the President's budget due first Monday in February, the Congressional Budget Office (CBO) due February 15, committee submissions due within six weeks after the President's budget, the House Budget Committee must report the annual budget Act by June 10, and the House should complete action by June 30. If a concurrent budget resolution is not adopted by April 15, House and Senate Budget Committee chairs must report baseline levels within three legislative days. The House may not approve an adjournment of more than three days in July until it has approved the annual budget Act. The CBO must analyze committee submissions of proposed direct spending or revenue changes. The bill also makes several technical changes to existing budget law, including changes to how off-budget agencies and accounts are treated.
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The bill's findings say supporters believe a comprehensive, annual, line-item budget would:
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