To amend title 31, United States Code, to require the President to submit with the budget an estimate of the deficit using generally accepted accounting principles.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Generally Accepted Accounting Principles Act'' or the ``GAAP Act''.
SEC. 2. BUDGET DEFICIT CALCULATION USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
(a) In General.--Section 1105(a) of title 31, United States Code, is amended-- (1) by redesignating the second paragraph (37) (relating to a list of plans and reports for elimination or consolidation) as paragraph (39); and (2) by adding at the end the following new paragraph: ``(40) an estimate of the deficit or surplus for the fiscal year for which the budget is submitted, prepared using generally accepted accounting principles.''. (b) Effective Date.--The requirement added by subsection (a) shall take effect beginning with the budget submission made by the President in 2014. <all>