Today, U.S. Representatives Jim Renacci (R-OH) and Mike Quigley (D-IL) introduced The Budget Process Improvement Act of 2013, bipartisan legislation to end deceptive federal accounting practices and bring much-needed transparency and accountability to billions of dollars in annual spending.
"It has become abundantly clear to me since I took office that our budget process is broken and in need of serious reform," said Rep. Renacci. "Our bipartisan bill will prevent the type of Washington gimmicks Ohioans have grown increasingly tired of. In doing so, it will give all Americans a clearer and more realistic picture of how and where the federal government spends their tax dollars."
"Addressing our debt crisis is impossible without an honest budget and accurate accounting of federal spending," said Rep. Quigley. "This bill proves that bipartisanship is necessary and possible when those on both sides of the aisle are willing to work together to promote common sense policies and ensure a solvent federal government for future generations."
Currently, the federal budget process only requires bills to be deficit neutral over ten years, meaning Congress can hide spending in the eleventh year and create a major deficit problem down the road. The Budget Process Improvement Act closes that loophole and others. The legislation requires the government to accurately account for all budget liabilities, establishes a performance review process to scrutinize the tax code's proliferation of tax breaks and loopholes, and moves to a biennial budget process to facilitate more responsible long-term planning at federal agencies. The bill -- identical to language Reps. Renacci and Quigley introduced in 2011 -- is expected to have broad support from both Democrats and Republicans.
A section-by-section of the bill is attached.
Rep. Renacci is serving his second term in the U.S. House of Representatives, where he is a member of the Ways and Means Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.
Rep. Quigley is committed to good government reform and is co-founder and co-chair of the Congressional Transparency Caucus. He is also the author of Reinventing Government: The Federal Budget. The report offers 15 recommendations to achieve a more complete and accurate budget and create a clear picture of our fiscal situation, as well as 60 recommendations to save $2 trillion over the next 10 years.