Fourth, if appropriations made during the fiscal year exceed the congressionally adopted spending limitations, the President would then be authorized to proportionately reduce spending on all budget items with the exception of the following: interest, veterans' benefits and services, payments from social insurance trust funds, social services grants under title IV of the Social Security Act and military retirement pay.

This is not an entirely new approach to the problem of runaway Federal spending. In fact, a similar proposal was adopted by the Senate last October with passage of the Jordan amendment to the debt ceiling bill. I believe that, if enacted, this bill would go far in establishing fiscal responsibility without surrendering to the President the historical role that the Congress has traditionally exercised. In addition, it would help restore a measure of fiscal integrity to the Federal Government, lessen the possibility for a tax increase, and avoid the temptation for the President to wield power indiscriminately and without regard for congressional spending priorities. I can not overemphasize that, with these new procedures, the Congress will be able to retain jurisdiction of its constitutional responsibility to control the Federal purse strings. Certainly, the concept of an annual spending ceiling is an idea whose time has come.

Enactment of a ceiling on expenditures and appropriations before the appropriations process begins would require Congress to continually monitor the level of appropriations to hold the total at or below the ceiling and hopefully within anticipated revenues. Such constant attention to the Nation's fiscal condition is an important step toward greater fiscal responsibility. States and municipalities follow this practice. So do successful business enterprises and millions of American families as they plan the houehold budget. The Federal Government cannot forever continue on its current financial course without certain economic catastrophe.

Mr. President, under the existing practices, the Congress has the best of all possible worlds. We can say "yes" to every group that come to us with a request for more money, and then point an accusing finger at the administration when groups come to us asking why the full amount appropriated has not been released for spending. Frankly, this system seems not only unfair but downright hypocritical and callous.

Mr. President, as a former Governor of a State which once faced financial chaos but which now operates in a fiscally responsible manner, I know that government can put its financial house in order. I know, also, that government officials need certain tools and restraints to help them resist the constant pressures to do more and more and tax less and less. Congress needs these tools and restraints now. Based on this premise, I urge immediate action upon this proposal.

93D CONGRESS 1ST SESSION

S. 758

IN THE SENATE OF THE UNITED STATES

FEBRUARY 5, 1973

Mr. BEALL introduced the following bill; which was read twice and referred to the Committee on Government Operations

A BILL

To improve and strengthen the role of Congress with respect to budget control and oversight matters.

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Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the "Congressional Budget

4 Control and Oversight Improvement Act".

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TITLE I-CHANGE OF FISCAL YEAR

CALENDAR YEAR AS NEW FISCAL YEAR

SEC. 101. Section 237 of the Revised Statutes (31

8 U.S.C. 1020) is amended to read as follows:

9 "SEC. 237. (a) The fiscal year of the Treasury of the

10 United States, in all matters of accounts, receipts, expendi11 tures, estimates, and appropriations

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"(1) shall, through June 30, 1974, commence on July 1 of each year and end on June 30 of the following

year;

“(2) shall for the period commencing July 1, 1974, and ending on December 31, 1974, be for such period;

and

“(3) shall, beginning on January 1, 1975, commence on January 1 of each year and end on December 31 of that same year.

"(b) All accounts of receipts and expenditures required 11 by law to be published annually shall be prepared and pub12 lished for each fiscal year as established by subsection (a)."

14 SEC. 102. For the fiscal year commencing July 1, 1974, 15 and ending December 31, 1974, there are appropriated, out 16 of any money in the Treasury not otherwise appropriated, 17 for any projects or activities conducted in the fiscal year end18 ing June 30, 1974, for which authority to conduct such 19 project or activity did not expire prior to June 30, 1974, an 20 amount equal to 50 per centum of the amount appropriated 21 for that project or activity for such fiscal year ending on 22 June 30, 1974. Appropriations made under this section shall 23 be available to the extent and in the manner appropriations 24 were made available for that project or activity during the 25 fiscal year ending on June 30, 1974.

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1 TRANSMITTAL OF BUDGET AND EXPENDITURE MESSAGES

2 SEC. 103. Section 201 of the Budget and Accounting

3 Act, 1921 (31 U.S.C. 11), is amended—

(1) by striking out of that matter of subsection (a) preceding clause (1) the phrase "during the first fifteen days of each regular session" and inserting in lieu thereof ", at the time specified in subsection (e) (1)";

(2) by striking out in subsection (a) (5) “on or before October 15 of each year," and inserting in lieu thereof ", at the time specified in subsection (e) (2),";

(3) by striking out in subsection (b) "on or before June 1 of each year, beginning with 1972," and inserting in lieu thereof "at the time specified in subsection (e) (3)";

(4) by striking out in subsection (c) "on or before June 1 of each year, beginning with 1972," and insert

ing in lieu thereof "at the time specified in subsection (e) (4)"; and

(5) by adding at the end thereof the following new subsections:

"(d) In addition to the information required by sub-section (a), the budget shall contain a statement, in such

form and detail as the President may determine, of the

capital assets of the Government, and their value, as of the

end of the last completed fiscal year.

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"(e) (1) In accordance with subsection (a), the Pres

2 ident shall transmit each budget to the Congress as follows:

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"(A) for the fiscal year ending on June 30, 1974,

during the first fifteen days of that regular session of the Congress which assembles under section 2 of article XX

of the articles of amendment to the Constitution prior to

the commencement of the fiscal year; and

"(B) for each fiscal year beginning on or after January 1, 1975, on or before April 15 of the year preceding the commencement of that fiscal year.

11 "(2) In accordance with subsection (a) (5), esti12 mated expenditures and proposed appropriations for such 13 legislative branch and Supreme Court shall be transmitted 14 to the President, for each fiscal year commencing on and 15 after January 1, 1975, not later than January 15 of the year 16 preceding that fiscal year.

17 "(3) In accordance with subsection (b), the President 18 shall transmit each supplementary summary of the budget 19 to the Congress, for each fiscal year beginning on or after 20 January 1, 1975, on or before October 1 of the year pre21 ceding that fiscal year.

22 "(4) In accordance with subsection (c), the President 23 shall transmit summaries of estimated expenditures on June

1, 1974, and November 1 of each year thereafter.

25 "(f) No budget, supplementary summary of the budget,