1. Short title
This Act may be cited as the “Budget or Bust Act”.
Budget or Bust Act
A BILL
To amend title 31, United States Code, to eliminate the requirement that the President submit a budget to the Congress each year, and for other purposes.
2. Repeal of requirement that President submit annual budget to Congress
3. Change in congressional budget process timetable
Section 300 of the Congressional Budget Act of 1974 is amended by striking “April 1” and inserting “March 15” and by striking “April 15” and inserting “April 1”.
4. Holding salaries of members of congress in escrow if congress fails to adopt budget resolution
Escrow— If on or before April 1 of any year Congress does not adopt a concurrent resolution on the budget for the fiscal year that begins on October 1 of that year, the Secretary of the Treasury shall deposit all payments otherwise required to be made for the compensation of Members of Congress in an escrow account, and shall release such payments to the Members only upon the adoption by Congress of a concurrent resolution on the budget for that fiscal year.
Withholding and remittance of amounts from payments held in escrow— The Secretary of the Treasury shall provide for the same withholding and remittance with respect to a payment deposited in an escrow account under subsection (a) that would apply to the payment if the payment were not subject to subsection (a).
Coordination with House and Senate— The Secretary of the Treasury shall enter into such agreements with the Chief Administrative Officer of the House of Representatives and the Secretary of the Senate as may be necessary to carry out this section.
Member of Congress Defined— In this section, the term Member of Congress means an individual serving in a position under subparagraph (A), (B), or (C) of section 601(a) of the Legislative Reorganization Act of 1946 (2 U.S.C. 31).
5. Effective date
This Act shall apply with respect to fiscal year 2015 and each succeeding fiscal year.