Congressman Jerrold Nadler (NY-12) and Congressman Mike Turner (OH-10) reintroduced the It’s About Time Act, bipartisan legislation that changes the federal government’s 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. 

“Today, there are few Members of Congress who will defend the current fiscal year calendar, because regardless of political disagreements, there is simply too much to get done in the compressed window between the release of the President’s budget and the October 1 deadline,” said Congressman Nadler. “Since Congress shifted the start of the fiscal year to October in 1974, only four times we have completed all appropriations bills on time, the last nearly three decades ago. By aligning the federal fiscal year with the calendar year, Congress can have the time it needs to responsibly review the President’s budget and enact spending bills. This reform will reduce the risk of shutdowns, strengthen fiscal accountability, and improve the way we govern. I am proud to join Representative Turner in reintroducing the bipartisan It’s About Time Act to bring commonsense reform to our broken budget process.”

“With the threat of a government shutdown once again, Congress should modify the funding schedule of the federal government which repeatedly puts the operations of the federal government and our national security at risk,” said Congressman Turner. “The current government funding scheme, if not fulfilled, would shut down operations of all non-essential government employees, which puts our security and services all Americans use at risk. Changing the fiscal calendar to align with the calendar year would allow Congress more time to ensure all government funding continues uninterrupted with the proper funding amounts.”

Background:

When the United States Congress was founded, the fiscal year aligned with the calendar year. There was no distinction between fiscal year and calendar year prior to 1842. In 1842, Congress voted to change the federal fiscal year to start on July 1st. In 1974, through the Congressional Budget and Impoundment Control Act of 1974, Congress approved a second change to the federal fiscal year, changing the first day of the fiscal year to October 1st. 

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