Us Congress 2023-2024 Regular Session

Us Congress House Bill HB438

Introduced
1/20/23  

Caption

True Cost Act This bill requires the President's annual budget submission to Congress to include estimates of the cost per individual taxpayer for (1) the public debt, and (2) any projected budget deficit for a fiscal year.

Impact

If enacted, HB 438 would compel the federal budget process to incorporate estimates that break down the cost of government debt and deficits per individual taxpayer. This enhancement in reporting requirements could lead to greater accountability in federal spending and may influence public perception and debate around budgetary matters. Lawmakers may use this information to argue for or against certain spending initiatives, potentially driving adjustments based on taxpayers’ expected financial contributions to the nation's economic liabilities.

Summary

House Bill 438, titled the 'True Cost Act', aims to amend section 1105(a) of title 31, United States Code, by requiring the President's annual budget submission to Congress to include an estimate of the cost per taxpayer of the federal deficit and the public debt. This bill is designed to enhance financial transparency regarding government spending and its impact on individual taxpayers. By providing taxpayers with a clearer understanding of their share of the national debt and deficit, lawmakers hope to foster informed public discussions about fiscal responsibility and government budgeting priorities.

Contention

While proponents of the bill see it as a necessary step towards greater fiscal accountability, critics may argue that simplifying complex budgetary data into a per-taxpayer cost could mislead citizens about the underlying economic realities. There is concern that such figures might be used politically to argue for or against specific policies without a full context of the budget's comprehensive impact. The bill's effectiveness relies significantly on how well the estimates are calculated and presented, making clarity and transparency essential to its successful implementation.

Companion Bills

US HB6889

Identical bill True Cost Act

Previously Filed As

US HB362

Budgetary Accuracy in Scoring Interest Costs Act of 2023 or the BASIC Act This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include the costs of servicing the public debt.

US HB311

Cost Estimates Improvement Act This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include (1) the cost of servicing the public debt; and (2) a list of any federal agencies, programs, and initiatives with fragmented, overlapping, or duplicative goals or activities covered by the legislation.

US HB858

PAYSTUB Act Presidential Accountability for Yearly Submission of The United States’ Budget Act

US HB261

Article I Regulatory Budget Act This bill requires the establishment of a federal regulatory budget to limit the costs of federal regulations. It also establishes requirements for disclosing the projected costs of federal regulations and procedures for enforcing the regulatory budget.

US HB135

No Pay Raise for Congress Act This bill cancels the automatic adjustment to the pay of Members of Congress that is based on the employment cost index if the Congressional Budget Office determines that there was a federal budget deficit in the last fiscal year.

US HB111

Budget Process Enhancement Act This bill modifies the federal budget process to withhold the salaries of Members of Congress and cancel the salaries of certain employees of the Office of Management and Budget when certain budget process requirements are not met. The bill also changes the assumptions that the Congressional Budget Office uses to calculate its baseline for discretionary spending to eliminate certain adjustments for inflation and other factors. (A baseline is a projection of federal spending and receipts during a fiscal year under current law.)

US HB225

No Budget, No Pay Act This bill withholds the salaries of Members of a chamber of Congress that has not agreed to a budget resolution for FY2024 by April 15, 2023, as required by the Congressional Budget Act of 1974. Salaries are withheld from April 16, 2023, until the earlier of (1) the day on which the chamber of Congress agrees to a budget resolution, or (2) the last day of the 118th Congress.

US HCR14

Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.

US HB9777

To amend the Congressional Budget and Impoundment Control Act of 1974 to require any cost estimate for a bill or joint resolution prepared by the Congressional Budget Office to include the cost to each United States citizen for carrying out such measure, and for other purposes.

US SB89

No Budget, No Pay Act This bill prohibits Members of Congress from being paid in a fiscal year until both chambers approve the budget resolution and pass all regular appropriations bills for that fiscal year. Retroactive pay is prohibited for such a period.

Similar Bills

No similar bills found.