Balanced Budget and Accounting Act

HR 7656, the Balanced Budget and Accounting Act, would require the President's annual federal budget to balance spending and revenue each fiscal year. It amends Section 1105(a) of Title 31, U.S. Code, to mandate that total government spending (outlays) cannot exceed total revenue (receipts) in any given year. This would directly affect how the executive branch prepares and submits federal budgets, imposing a binding constraint on annual budget planning. The bill creates a concrete rule for budget preparation, requiring the President to submit a balanced budget proposal without exception.