H.R. 438House118th Congress (2023-2025)In Committee

True Cost Act

Introduced January 20, 2023

AI-Generated Summary

Updated January 20, 2026 at 2:17 AM UTC

The True Cost Act would change the federal budgeting process by requiring the President’s annual budget submission to include an estimate of how much the projected deficit and the overall public debt would cost each individual taxpayer. The estimate is calculated on a per‑taxpayer basis for those who file individual income tax returns in the fiscal year. This information would be provided to Congress and the public.

Key Provisions

  • Adds a new requirement that, for any fiscal year projected to have a deficit, the budget must include an estimate of the pro‑rata cost of that deficit per individual taxpayer filing an income tax return.
  • Adds a requirement that, for any fiscal year, the budget must include an estimate of the pro‑rata cost of the total public debt per individual taxpayer filing an income tax return.

Legislative Activity

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1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on the Budget.

January 20, 2023

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HouseIntro Referral

Introduced in House

January 20, 2023

HouseIntro Referral

Referred to the House Committee on the Budget.

January 20, 2023

Floor Debate

15 members

What members said about H.R. 438 on the floor

8 Republicans7 Democrats
Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Sep 26, 2023

Madam Speaker, I thank the gentleman from Massachusetts for yielding. Madam Speaker, let me announce breaking news. I don't want to see the government shut down. Democrats don't want to see the…

Chip Roy
Rep. Chip RoyR-TX-21 · Sep 26, 2023

Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 723 and ask for its immediate consideration. Madam Speaker, I claim the time in opposition to the point of order in…

James P. McGovern
Rep. James P. McGovernD-MA-2 · Sep 26, 2023

Madam Speaker, pursuant to section 426 of the Congressional Budget and Impoundment Control Act of 1974, I make a point of order against consideration of the rule, House Resolution 723. Section 426 of…

Brendan F. Boyle
Rep. Brendan F. BoyleD-PA-2 · Sep 26, 2023

Madam Speaker, the previous speaker just said that no Republican Member wants a shutdown. I have the quotes right here, which I will submit for the Record when I am done. One House Republican said:…

Ralph Norman
Rep. Ralph NormanR-SC-5 · Sep 26, 2023

Madam Speaker, it is interesting here, my colleagues on the other side saying, shutdown, shutdown, shutdown; that is all you hear. What about the shutdown that occurred for the COVID virus for over a…

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Steny H. Hoyer
Rep. Steny H. HoyerD-MD-5 · Sep 26, 2023

Madam Speaker, the American people deserve to know why we are in this position. They need to know that less than 5 percent of the 435 Members of this body have put us in this position. The gentleman…

Michael C. Burgess
Rep. Michael C. BurgessR-TX-26 · Sep 26, 2023

Madam Speaker, I thank the members of the Rules Committee who put in so many hours over the past several days to prepare what is an unprecedented rule, in my experience. It is important for moving us…

Susie Lee
Rep. Susie LeeD-NV-3 · Sep 26, 2023

Madam Speaker, I rise today to urge my Republican colleagues to end this MAGA meltdown and come together to avert a government shutdown and the chaos it will bring our country. I just returned from…

Scott Perry
Rep. Scott PerryR-PA-10 · Sep 26, 2023

Madam Speaker, we were promised that this year would be different, that we would run all 12 spending bills individually and actually find some savings for the American people. Yet, this is another…

Matt Gaetz
Rep. Matt GaetzR-FL-1 · Sep 26, 2023

Madam Speaker, the gentleman is right, you are your record, and our record in this country right now is $33 trillion in debt, facing $2 trillion annual deficits. We are in so much debt, we are…

Dusty Johnson
Rep. Dusty JohnsonR-SD · Sep 26, 2023

Madam Speaker, our debt, our deficit, and our spending are indefensible. Three years ago, our national debt was $23 trillion, a staggering sum by any measure. Since then, it has grown by 50 percent…

Mike Johnson
Rep. Mike JohnsonR-LA-4 · Sep 26, 2023

Madam Speaker, I thank the gentleman from Texas for all of his hard work here. I just heard one of our colleagues over here suggest that somehow Republicans are in favor of a government shutdown. No…

Lois Frankel
Rep. Lois FrankelD-FL-22 · Sep 26, 2023

Madam Speaker, I rise in opposition to this rule, which is for a bad bill that takes food out of the mouths of children, hurts our farmers, guts climate change actions, and is another step toward the…

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Rick W. Allen
Rep. Rick W. AllenR-GA-12 · Sep 26, 2023

Madam Speaker, had I been present, I would have voted ``yea'' on rollcall No. 404. Mr. LaMalfa. Madam Speaker, had I been present, I would have voted ``YEA'' on rollcall No. 404. Stated against:

Ami Bera
Rep. Ami BeraD-CA-6 · Sep 26, 2023

Madam Speaker, had I been present, I would have voted ``nay'' on rollcall No. 404.

Bill Text

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Introduced in HouseIssued January 20, 2023

I

118th CONGRESS

1st Session

H. R. 438

IN THE HOUSE OF REPRESENTATIVES

January 20, 2023

Mr. Stewart (for himself, Mr. Case, and Mr. Crenshaw) introduced the following bill; which was referred to the Committee on the Budget

A BILL

To amend section 1105(a) of title 31, United States Code, to require that annual budget submissions of the President to Congress provide an estimate of the cost per taxpayer of the deficit and of the public debt.

1.

Short title

This Act may be cited as the True Cost Act.

2.

Requirement in budget submission with respect to the cost per taxpayer of the deficit

Section 1105(a) of title 31, United States Code, is amended by adding at the end the following:

(40)
(A)

in the case of a fiscal year in which the budget is projected to result in a deficit, an estimate of the pro rata cost of such deficit for taxpayers who will file individual income tax returns for taxable years ending during such fiscal year; and

(B)

in the case of any fiscal year, an estimate of the pro rata cost of the public debt for taxpayers who will file individual income tax returns for taxable years ending during such fiscal year.

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