Bill 118 hr 7867, also known as the REG Budgeting Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to establish a more efficient and transparent process for budgeting a...
nd allocating funds within the federal government.
The REG Budgeting Act aims to streamline the budgeting process by requiring federal agencies to submit detailed budget requests to Congress on an annual basis. These requests would include information on the agency's current spending, proposed expenditures for the upcoming fiscal year, and any anticipated changes in funding needs.
Additionally, the bill would require agencies to justify their budget requests by providing detailed explanations of how the requested funds would be used and how they align with the agency's mission and goals. This increased level of transparency is intended to help Congress make more informed decisions about how taxpayer dollars are being spent.
Furthermore, the REG Budgeting Act includes provisions for regular oversight and evaluation of agency spending to ensure that funds are being used efficiently and effectively. This would involve regular audits and reports on agency spending, as well as opportunities for Congress to review and adjust agency budgets as needed.
Overall, the REG Budgeting Act is aimed at improving the budgeting process within the federal government to ensure that taxpayer dollars are being used responsibly and in line with the priorities of the American people. It is currently being debated in Congress, with supporters arguing that it will lead to greater accountability and efficiency in government spending.