02.08.16

Senator David Perdue Introduces Accurate Accounting Act

DC will never get spending under control unless we have a budget process that works.

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Budget Committee, today introduced the Accurate Accounting Act of 2016, which ends some of the most egregious problems of our federal budgeting process and holds Washington accountable for a complete and accurate assessment of all federal spending.

“Washington will never get spending under control unless we have a budget process that works,” said Senator David Perdue. “Without an honest and accurate assessment of the federal balance sheet, Americans don’t know what the government takes in and what it spends. There should be no hidden trust funds or unaccountable spending programs. We can start addressing this financial mess today by adopting cost-control techniques used readily in the business world. This is the first step to realigning federal spending with the American people’s priorities.”

Since the current budget process was created in 1974, it has only worked four times in the past forty years. Today, our country is $19 trillion in debt and the Congressional Budget Office (CBO) projects the debt will soar to $30 trillion in a decade. Clearly, something must be done immediately to stop the fiscal insanity in Washington.

The Accurate Accounting Act of 2016:

Requires Business Centric Zero-Based Budget

  • This budgeting technique, well known as a cost-control tool in the business world, can quickly realign our federal spending to match the American people’s priorities.
  • Requires the Executive Branch to reexamine and justify each federal agency’s needs and priorities every term.

Reveals True Cost of Social Security

  • To save Social Security we must end the firewall between Social Security and the rest of the country’s finances.
  • Social Security is the single largest federal expenditure and its costs are currently hidden from the American people.
  • Putting Social Security spending on the Budget Resolution is the first step in bringing fiscal accountability back to Congress. 

Increases Accountability

  • Too many federal government programs run on autopilot and are not subject to yearly Congressional oversight.
  • Requires the GAO to consistently produce a report on every program with spending authority or permanent appropriations within the federal budget.