Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB772

Introduced
3/9/23  

Caption

Responsible Budget Targets Act of 2023

Impact

The proposed changes in SB772 would have substantial implications for federal budget management. By imposing a spending ceiling based on prior fiscal responsibility, the bill effectively compels Congress and the Executive Branch to adhere to stricter budgetary discipline. This could lead to more prudent fiscal decision-making, particularly in times of economic growth or downturn. Furthermore, the inclusion of emergency account adjustments allows the government to respond flexibly to unforeseen economic challenges while maintaining overall budget limits.

Summary

SB772, titled the 'Responsible Budget Targets Act of 2023', is designed to amend the Congressional Budget Act of 1974 by establishing responsible budget targets aimed at improving fiscal accountability. The bill proposes a method to calculate a maximum spending ceiling based on past fiscal performance, adjusting this limit according to various economic factors and emergency funding needs. Specifically, it seeks to implement a primary balance factor, which would dictate spending growth in relation to prior revenues and budgetary performance, ensuring that spending growth does not outpace economic growth.

Contention

Notable points of contention surrounding SB772 include concerns from some legislators and advocacy groups about the effectiveness of enforcing such budget ceilings and their potential impact on vital social programs. Critics argue that strict budget limitations could lead to cutbacks in essential services, particularly during economic downturns or in response to emergencies. The balance between maintaining fiscal responsibility and ensuring adequate funding for critical programs presents a significant debate within the legislative process regarding the effectiveness and human impact of this bill.

Companion Bills

No companion bills found.

Previously Filed As

US HB1092

Responsible Budgeting Act

US HB9735

Responsible Budgeting Act

US SB743

Sustainable Budget Act of 2023

US HB1284

CEO Accountability and Responsibility Act

US HB3746

Administrative Pay-As-You-Go Act of 2023

US HB3141

Targeting Child Predators Act of 2023

US HB1518

Unauthorized Spending Accountability Act of 2023

US SB575

Fight Inflation Through Balanced Budgets Act

US SB1357

Responsible Digital Asset Advertising Act of 2023

US SB662

STEM RESTART Act STEM Restoring Employment Skills through Targeted Assistance, Re-entry, and Training Act

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