To increase the long-term fiscal accountability of direct spending legislation: Report Regarding Difference Between Actual and Estimated Costs of Direct Spending Legislation.
Initial Five-Year Report- Not later than January 15 of calendar year 2011 and each subsequent calendar year, the Director of the OMB shall submit to the President for inclusion in his annual budget, a report setting forth the following:
For all Acts affecting direct spending, the total cost as estimated for the budget year and four outyears, and the actual total cost for those years.
If the actual total cost of all such Acts exceeds the estimated total cost, then propose legislative language to eliminate such excess cost.
If the actual total cost of all such Acts exceeds the estimated total cost, then a detailed statement of the most likely reasons why that occurred.
Topic: Budget & Economy
Headline: Truth in Spending: show actual costs vs. planned costs
Headline 2: Sponsored Truth in Spending: compare actual to planned costs
