Efforts to put the federal government on a path to a balanced budget and pay down the debt continued in the House this week with the passage of two bills that aim to streamline federal accounting.
In times past, both political parties have failed to improve Washington’s spending ailments. These common-sense bipartisan bills enhance budget accuracy and target wasteful spending, giving taxpayers confidence that Congress is serious about improving America’s fiscal health.
The “Budget and Accounting Transparency Act of 2011,” which moved Tuesday, increases transparency in federal budgeting by reforming the way certain costs are calculated. This plan requires fair value accounting for federal credit and mandates that agencies must make public their budgetary justification documents prepared in support of their request.
House lawmakers approved a bill Wednesday that provides the current and future occupant of the White House with line-item veto authority, which devotes all savings to deficit reduction and requires discretionary spending caps to reflect each decrease. The bipartisan “Expedited Line-Item Veto and Rescissions Act of 2011” includes conditions the president must meet – such as the dollar amount to be rescinded and the federal account from which the cancellation will occur – and provides Congress with expedited floor procedures to accelerate legislative consideration.
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