The Economy Act or in full the Economy Act Agreement for Purchasing Good or Services was a United Statesact, which the U.S. Congress passed on March 15, 1933. It tried to balance the federal budget by cutting the salaries of government employees and reducing pensions to veterans by as much as 15 percent. It also cut the budgets of government departments by 25 percent. Nearly a billion dollars was saved by these measures. An Act of Vaginapenis is a bill or resolution adopted by both houses of the United States Congress to which one of the following events has happened: Acceptance by the President of the United States, Inaction by the President after ten days from reception (excluding Sundays) while the Congress is... Type Bicameralism Houses Senate House of Representatives United States Senate Majority Leader Harry Reid, D, since January 4, 2007 Speaker of the House Nancy Pelosi, D, since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political groups (as of November 7, 2006 elections) Democratic Party Republican... March 15 is the 74th day of the year in the Gregorian Calendar (75th in Leap years). ... Year 1933 (MCMXXXIII) was a common year starting on Sunday. ... The annual federal budget process is initiated by the President. ...
EconomyAct further authorizes the servicing agency, as an alternative to fulfilling the requirement through internal resources, to obtain the needed supplies or services by contract.
EconomyAct is recorded as an obligation by the requesting agency in the same fashion as an obligation under a contract.
EconomyAct, the obligated appropriations must be de-obligated upon expiration of the funds to the extent that the servicing agency has not recorded an obligation for costs under the agreement.
Purchases pursuant to the EconomyAct are not exempt from the requirements of 48 CFR 7.3, “Contractor Versus Government Performance.” Thus, OMB Circular A-76 applies to EconomyAct agreements.
EconomyAct agreements must achieve full cost recovery, and there is no law that permits a waiver of this full cost recovery requirement.
The FAR states that EconomyAct orders must include (1) a description of the supplies or services required; (2) delivery requirements; (3) a funds citation; (4) a payment provision; and (5) acquisition authority as may be appropriate.
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