S. 766 — Billion Dollar Boondoggle Act of 2025

This section directs the Director of the Office of Management and Budget (OMB), not later than one year after the date of enactment, to issue guidance requiring each covered agency—defined as an executive agency (per 5 U.S.C. 105) or independent regulatory agency (per 44 U.S.C. 3502)—to submit annually to OMB specified information on its covered projects. Covered projects are those funded by a covered agency that are more than five years behind the original expected completion date or for which expenditures are at least $1 billion above the original cost estimate; such projects include major acquisitions, major defense acquisition programs (as defined in 10 U.S.C. 4201, generally DoD programs with RDT&E costs over $300 million or procurement costs over $1.8 billion in FY1990 dollars), procurements, construction projects, remediation or cleanup efforts, or other time-limited endeavors not funded through direct spending (per 2 U.S.C. 900(c)). Required information includes a project description (e.g., purpose, locations, contract number, initiation year, federal cost share, and primary contractors or recipients); scope changes; original and current (CPI-adjusted) completion dates and cost estimates; explanations for delays or cost overruns (including impacts of appropriations); and details on any bonuses awarded. OMB must compile the information into an annual report submitted to Congress and posted on its website.