Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2950

Introduced
9/27/23  

Caption

A bill to align the fiscal year with the calendar year.

Impact

The most significant impact of SB2950 will be on federal budgeting procedures, which will affect how agencies manage appropriations and fiscal planning. By shifting the fiscal year to align with the calendar year, the government aims to streamline the budget process, potentially allowing for more accurate projections and easier planning for federal agencies. However, this transition will also necessitate a transitional budget for the period from October 1, 2025, to December 31, 2025, to bridge the gap created by this change.

Summary

SB2950 aims to align the federal fiscal year with the calendar year by changing its starting date from October 1 to January 1 and ending date from September 30 to December 31. The bill proposes amendments to various sections of title 31 of the United States Code, addressing the federal government's budgeting and appropriations framework. If enacted, these changes will impact how federal budgeting is conducted and will require adjustments in related governmental processes and timelines.

Contention

There may be some contention surrounding the bill, as changing the fiscal year could disrupt existing practices and timelines for federal agencies, stakeholders, and congressional committees. Some members may express concerns about the practicality and readiness of the federal government to adapt to these significant changes within the proposed timeline. Additionally, the need for regulatory updates and adjustments to existing laws may further complicate the implementation of SB2950.

Companion Bills

US HB5612

Related It’s About Time Act

Previously Filed As

US HR730

Providing for consideration of the bill (H.R. 5692) making supplemental appropriations for the fiscal year ending September 30, 2024, and for other purposes; providing for further consideration of the bill (H.R. 4365) making appropriations for the Department of Defense for the fiscal year ending September 30, 2024, and for other purposes; and providing for further consideration of the bill (H.R. 4367) making appropriations for the Department of Homeland Security for the fiscal year ending September 30, 2024, and for other purposes.

US HB7271

Fiscally Responsible Israel Security Supplemental Appropriations Act, 2024

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 SB5600

A bill to authorize programs for the National Aeronautics and Space Administration for fiscal year 2025, and for other purposes.

US HB7113

Making emergency supplemental appropriations in line with the President's request in response to the ongoing attack on Ukraine's sovereignty by Russia and in response to the attacks in Israel for the fiscal year ending September 30, 2024, and for other purposes.

US HR741

Providing for consideration of the bill (H.R. 5525) making continuing appropriations for fiscal year 2024, and for other purposes.

US HB5860

Continuing Appropriations Act, 2024 and Other Extensions Act

US HB5612

It’s About Time Act

US HB10515

Health Extensions and Other Matters Act, 2025 Further Continuing Appropriations Act, 2025 Disaster Relief Supplemental Appropriations Act, 2025

US HB13

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.)

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