Truth in Federal Spending Act of 1988

Truth in Federal Spending Act of 1988 - Requires the Director of the Congressional Budget Office to prepare a financial impact statement to accompany each bill, amendment, resolution, or conference report of a public character reported by any committee of the House or Senate or considered on the floor of either House.

Requires the statement to express the extent to which enactment of the legislation would result in increased costs to the private sector or to State and local governments. Requires the statement to include a detailed assessment of the annual impact of the legislation (projected annually over a five-year period from its effective date and expressed in monetary terms) on: (1) costs to consumers or business; (2) national employment; (3) the ability of U.S. industries to compete internationally; (4) affected State and local governments; and (5) outlays by the Federal Government as compared to outlays for the same activity in the current fiscal year. Provides that the financial impact statement may consist of a brief summary assessment if preliminary analysis indicates that the aggregate effect on the four above categories is less than $100,000,000.

Requires each regulation or proposed regulation promulgated by an executive department or agency to be accompanied by a financial impact statement and to be published in the Federal Register with such regulation.

Prohibits each House of the Congress from considering any new spending legislation unless such legislation is voted on simultaneously with other legislation which would reduce outlays or increase receipts, or both, by equivalent amounts.

Authorizes each House of the Congress to waive provisions regarding deficit neutrality and the financial impact statement by a three-fifths vote.