Budgeting for a Better America Act

Key Points

• The bill switches Congress from an annual budget process to a two-year (biennial) budget cycle. Budget resolutions would cover two fiscal years at once, with the first session of Congress devoted to passing the budget and the second session used for oversight and studying long-term issues.
• A new 18-member National Commission on Fiscal Responsibility and Reform would be created to propose ways to reduce deficits and address long-term spending on programs like Social Security and Medicare. The commission must include members from both parties and needs a supermajority of 12 out of 18 members (with bipartisan support) to issue a report.
• The commission's recommendations would be turned into a joint resolution that gets fast-track treatment in both the House and Senate, with strict timelines, no amendments allowed, and limited debate. This means Congress would have to vote the plan up or down without changes.
• The President would be required to submit new long-term analyses of unfunded obligations in entitlement programs, looking out 25, 50, and 75 years. This aims to force more transparency about the government's future financial promises.
• Newly elected members of Congress would be required to receive a briefing from the Congressional Budget Office on budgetary matters before they are sworn in, ensuring all lawmakers start with a baseline understanding of the federal budget.