Bill > HR2518

This bill, the Truth in Spending Act of 2013, aims to improve congressional oversight of government spending by requiring the President's annual budget request to include detailed reports from the Director of the Office of Management and Budget (OMB) comparing the actual costs of "direct spending legislation" (which refers to spending that is not discretionary and is provided for in law, such as Social Security benefits) with their initial cost estimates. These reports, to be submitted annually and then every five years, will highlight any discrepancies and, if actual costs exceed estimates, will include proposed legislative language to address the overspending and an explanation for the variance. The bill also establishes a fast-track process for Congress to consider this proposed legislation, ensuring it receives expedited review and debate, and importantly, it exempts the budgetary effects of this legislation from the Statutory Pay-As-You-Go Act of 2010, meaning any proposed spending cuts or adjustments under this act will not count against the PAYGO scorecards that track new spending or tax cuts.