To increase the long-term fiscal accountability of direct spending legislation.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; PURPOSE.
(a) Short Title.--This Act may be cited as the ``Truth in Spending Act of 2012''. (b) Purpose.--It is the purpose of this Act to-- (1) improve congressional control over the Federal budget process; (2) facilitate the determination each year of the appropriate level of Federal revenues and expenditures by the Congress and the President; and (3) provide for the furnishing of information that will assist the Congress in controlling growth of direct spending programs.
SEC. 2. PRESIDENTS' BUDGET SUBMISSIONS.
(a) OMB Report Regarding Difference Between Actual and Estimated Costs of Direct Spending Legislation.--Section 1105(a) of title 31, United States Code, is amended by redesignating the second paragraph (37) as paragraph (39) and by adding at the end the following new paragraph: ``(40) the most recent reports of the Director of the Office of Management and Budget under subsections (a) and (b) of section 3 of the Truth in Spending Act of 2012 regarding the difference between the actual costs and the estimated costs of direct spending legislation, including proposed legislative language, if any, in such reports.''. (b) Effective Date.--The amendment made by subsection (a) shall apply to budget submissions made by the President beginning with the submission for fiscal year 2014.
SEC. 3. LONG-TERM FISCAL ACCOUNTABILITY OF DIRECT SPENDING LEGISLATION.
(a) Initial Five-Year Report.--Not later than...