Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB718

Introduced
3/8/23  

Caption

A bill to establish the Federal Rainy Day Fund to control emergency spending.

Impact

If enacted, SB718 is expected to strengthen budgetary controls within federal spending practices. By establishing a Federal Rainy Day Fund, the bill aims to prevent the government from engaging in unplanned expenditures without adequate backup resources. This approach would provide a more systematic and responsible way of managing federal funds allocated for emergency situations, which could lead to more sustainable fiscal policies and potentially cushion the impact of financial crises on the economy.

Summary

SB718, also known as the Federal Rainy Day Fund Act, seeks to establish a dedicated fund within the U.S. Treasury to manage and control federal emergency spending. The primary objective of this bill is to ensure that funds designated for emergencies are appropriately allocated and to avoid overspending by the federal government. It proposes that a certain percentage of the previous year's discretionary spending be set aside for this fund annually, thereby promoting savings that can be utilized in times of fiscal emergencies.

Contention

Debate surrounding SB718 primarily revolves around concerns of fiscal impact on existing programs. Critics of the bill argue that by limiting the flexibility of emergency funds, it could hinder timely responses to urgent situations such as natural disasters or public health crises. Proponents, on the other hand, contend that a more disciplined approach to emergency funding will bolster fiscal integrity. The methods of allocating the funds and the restrictions on accessing non-emergency funds also raised questions about the practicality of swift governmental action when urgent matters arise.

Companion Bills

No companion bills found.

Previously Filed As

US SB2300

A bill to require that information on spending associated with national emergencies be subject to the same reporting requirements as other Federal funds under the Federal Funding Accountability and Transparency Act of 2006, and for other purposes.

US HB1518

Unauthorized Spending Accountability Act of 2023

US HB260

Nickel Plan Act This bill modifies the federal budget process to establish and enforce new spending caps. The bill establishes an outlay cap (less net interest payments) for FY2024 of $5.953 trillion, less 5%. For each year from FY2025-FY2027, the outlay cap is 5% less than the previous year's outlay cap. For FY2028 and subsequent years, total outlays (including net interest payments) may not exceed 17.5% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2029, total projected outlays for any year may not be less than the total projected outlays for the preceding year. The OMB must enforce the spending caps using a sequester to eliminate any excess spending through automatic cuts. The bill eliminates the existing exemptions from sequestration. If the OMB projects a sequester, the congressional budget committees may report a resolution directing congressional committees to change existing law to achieve the spending reductions necessary to meet the outlay limits. The bill also establishes procedures for Congress to enforce the outlay caps established by this bill.

US HB1143

Prohibiting Federal Emergencies for Abortion Act

US HB3787

Emergency Spending Accountability Act

US HB4544

No Federal Funds for Ballot Harvesting Act

US SB62

No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2023 This bill modifies provisions relating to federal funding for, and health insurance coverage of, abortions. Specifically, the bill prohibits the use of federal funds for abortions or for health coverage that includes abortions. Such restrictions extend to the use of funds in the budget of the District of Columbia. Additionally, abortions may not be provided in a federal health care facility or by a federal employee. Historically, language has been included in annual appropriations bills for the Department of Health and Human Services (HHS) that prohibits the use of federal funds for abortions—such language is commonly referred to as the Hyde Amendment. Similar language is also frequently included in appropriations bills for other federal agencies and the District of Columbia. The bill makes these restrictions permanent and extends the restrictions to all federal funds (rather than specific agencies). The bill's restrictions regarding the use of federal funds do not apply in cases of rape, incest, or where a physical disorder, injury, or illness endangers a woman's life unless an abortion is performed. The Hyde Amendment provides the same exceptions. The bill also prohibits qualified health plans from including coverage for abortions. Currently, qualified health plans may cover abortion, but the portion of the premium attributable to abortion coverage is not eligible for subsidies.

US HB1

Lower Energy Costs Act This bill provides for the exploration, development, importation, and exportation of energy resources (e.g., oil, gas, and minerals). For example, it sets forth provisions to (1) expedite energy projects, (2) eliminate or reduce certain fees related to the development of federal energy resources, and (3) eliminate certain funds that provide incentives to decrease emissions of greenhouse gases. The bill expedites the development, importation, and exportation of energy resources, including by waiving environmental review requirements and other specified requirements under certain environmental laws, eliminating certain restrictions on the import and export of oil and natural gas, prohibiting the President from declaring a moratorium on the use of hydraulic fracturing (a type of process used to extract underground energy resources), directing the Department of the Interior to conduct sales for the leasing of oil and gas resources on federal lands and waters as specified by the bill, and limiting the authority of the President and executive agencies to restrict or delay the development of energy on federal land. In addition, the bill reduces royalties for oil and gas development on federal land and eliminates charges on methane emissions. It also eliminates a variety of funds, such as funds for energy efficiency improvements in buildings as well as the greenhouse gas reduction fund.

US HB1118

DISCLOSE Act of 2023 Democracy Is Strengthened by Casting Light On Spending in Elections Act of 2023 Stand By Every Ad Act

US HB1660

Avi Kwa Ame National Monument Establishment Act of 2023

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