Federal Budget Accountability Act

Report— Not later than March 1 after the first full year following the date of the enactment of this Act, and annually thereafter, the Director of the Office of Management and Budget shall submit to Congress a report on the effect of provisions of legislation for the previous congressional session that were enacted to offset or pay for the costs of carrying out such legislation, including provisions that increase revenue, rescind budget authority, or reduce direct spending for the previous congressional session. Any such provision shall be analyzed and included in the report for at least 10 years.

Tracking system for offsets and pay-Fors required— Not later than 90 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall establish a system to track the accuracy of the offsets and pay-fors and submit to Congress a report on the system.

Offset and pay-For defined— The term offset and pay-for means an estimate by the Congressional Budget Office for a provision of legislation that reduces spending, increases revenue, or reduces the deficit.