Fiscal Contingency Preparedness Act
Budget Planning: Preparing for Economic Emergencies
Legislative Progress
Key Points
- The Fiscal Contingency Preparedness Act would require the Treasury Department to study how the U.S. government would handle the costs of major national emergencies. This includes looking at the financial impact of things like a deep recession, a global pandemic, or a large-scale cyber attack.
- Government officials would have to estimate both the immediate costs and the long-term debt that could result from these crises. By looking at past events, they would try to predict how much money the government might need to spend to keep the country running during a disaster.
- The goal is to help Congress and the public understand the risks to the nation's finances before a crisis happens. A separate government watchdog, the GAO, would review these reports to make sure the math is correct and the planning is thorough.
Impact Analysis
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Milestones
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 1.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Referred to the House Committee on Oversight and Government Reform.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
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Source Information
Document Type
Congressional Bill
Official Title
Fiscal Contingency Preparedness Act
Data Sources
Sponsor
Cosponsors
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