Truth in Water Transportation Budgeting Act

Truth in Water Transportation Budgeting Act - Prohibits the receipts and disbursements of the Inland Waterways Trust Fund and the Harbor Maintenance Trust Fund from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of the Federal budget as submitted by the President, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Exempts such trust funds from any general statutory budget outlays limitation.

Requires the Secretary of the Army to estimate annually: (1) what, but for this Act, would be at the close of the next fiscal year the amount of unfunded inland waterways and harbor maintenance authorizations; and (2) the net inland waterways and harbor maintenance receipts at the close of such year.