WASHINGTON, D.C. – Today, Congressman Mike Turner (OH-10), Chairman of the House Permanent Select Committee on Intelligence and a senior member of the House Armed Services Committee, and Congressman Jerrold Nadler (NY-12), Ranking Member of the House Judiciary Committee, introduced the It’s About Time Act, bipartisan legislation that changes the federal government’s annual funding schedule to align with the calendar year. Currently, the federal government starts its fiscal year every October 1st. This legislation transitions the funding schedule to reflect the classic calendar year, thus moving the start of the government’s fiscal year to January 1. Requiring the fiscal year to correspond with the calendar year increases efficiency and better aligns with industry counterparts.
“With the threat of a government shutdown looming once again, it is time for Congress to modify the funding schedule that repeatedly puts the operations of government in jeopardy,” said Congressman Mike Turner. “The government funding deadline of October 1 continues to put our military readiness and other vital services at risk as Congress consistently struggles to pass spending bills by the current deadline. We cannot allow the critical operations at Wright-Patterson Air Force Base to be threatened by senseless shutdowns. Changing the fiscal calendar to start on January 1 would mitigate the unrealistic time constraints on Congress and allow government services to continue uninterrupted.”
“Today, there are few Members of Congress who will defend the current budget process because regardless of political disagreements, there is simply too much to get done in less than eight months after receiving the President's budget,” said Congressman Jerrold Nadler. “It's telling that since the Congressional Budget and Impoundment Control Act of 1974 changed the government funding deadline to October 1, Congress has only passed all of its required appropriations measures on time four times—the last being in 1997. Changing the start of the fiscal year to the beginning of the calendar year will diminish the risk of government shutdowns by ensuring Congress has the time it needs to evaluate the budget proposal submitted by the President and craft spending bills. I'm proud to join Congressman Michael Turner in introducing this bipartisan legislation.”
Background:
For its first few decades of existence, the government’s fiscal year lined up with the calendar year. In 1842, Congress moved the beginning of the government's fiscal year from January 1 to July 1. In 1977, Congress adjusted the calendar once more, this time from July 1 to the current start date of October 1. The latest adjustment was formally enshrined into law in 1982.
Read the full text of the bill here.