Assuring Honesty and Accountability Act of 2003

Assuring Honesty and Accountability Act of 2003 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to extend through FY 2008 the discretionary spending limits (spending caps) for defense and nondefense categories in new budget authority and outlays.

Retains (eliminates the expiration of) pay-as-you-go.

Retains (eliminates the expiration of) specified budget enforcement mechanisms.

Amends the Congressional Budget Act of 1974 concerning legislation which: (1) evades specified budget enforcement mechanisms; (2) provides direct spending (to be included in the Congressional Budget Office (CBO) analysis (scoring); and (3) is unreported by committee (for purposes of budget point of order rules).

Limits the adjustment required to the discretionary spending limits in new budget authority for FY 2004 when new budget authority for operations of the Department of Homeland Security or grants to States and localities for homeland security is enacted.

Requires the Secretary of Homeland Security to conduct a homeland security needs assessment.

Requires reports on legislation which provide new budget, spending, or credit authority or otherwise provide an increase or decrease in revenues or tax expenditures to include a projection by CBO of the cost of debt servicing (interest).

Amends the Congressional Budget and Impoundment Control Act of 1974 to address issues of emergency spending through: (1) establishing criteria and guidelines; (2) the inclusion of a reserve fund in the President's Budget; and (3) requiring a separate House vote on an emergency designation.

Amends the Rules of the House of Representatives concerning: (1) budget compliance statements (permitting inclusion of budgetary implications); and (2) justification for budget act waivers (inclusion required for bill consideration).