Bill Summary
This bill, titled the "Pro-Growth Budgeting Act," seeks to amend the Congressional Budget and Impoundment Control Act of 1974 to require cost estimates of major legislation. This means that before any bill or joint resolution is passed, the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) must provide estimates of the budgetary effects, including changes in economic output, employment, and capital stock, that the legislation will have in the 20 fiscal years following the most recent budget resolution. The bill also requires the CBO and JCT to identify the assumptions and data sources used in their estimates. The term "major legislation" is defined as any bill or joint resolution that has a significant budgetary impact or is designated as such by the chair or ranking member of the Committee on the Budget or the Joint Committee on Taxation.
Possible Impacts
1. This legislation could affect people by requiring the Congressional Budget Office and Joint Committee on Taxation to take into account the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables when estimating the cost of major legislation. This could impact individuals and businesses by potentially changing the budget allocations and taxes that they may have to pay.
2. The legislation could also affect people by requiring the inclusion of a qualitative assessment of the budgetary effects in the 20-fiscal year period after the last agreed upon concurrent resolution on the budget. This could impact individuals and businesses by providing them with a better understanding of how the legislation will affect the economy and their finances in the long term.
3. Additionally, the legislation could affect people by expanding the definition of "major legislation" to include bills or joint resolutions that have a significant impact on the economy, even if the impact is less than 0.25 percent of the current projected gross domestic product. This could affect individuals and businesses by potentially increasing the number of bills and resolutions that are subject to cost estimates and budget considerations.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4959 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 4959
To amend the Congressional Budget and Impoundment Control Act of 1974
to provide for cost estimates of major legislation.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 31, 2019
Mr. Kevin Hern of Oklahoma (for himself, Mr. Banks, Mr. Norman, Mr.
Murphy of North Carolina, Mr. Kelly of Pennsylvania, Mr. Roy, Mr.
Meuser, Mr. Johnson of Louisiana, Mr. Gooden, Mr. Mullin, Mr. Womack,
Mr. Meadows, Mr. Upton, Mr. Davidson of Ohio, Mr. Jordan, Mr.
Reschenthaler, and Mr. Green of Tennessee) introduced the following
bill; which was referred to the Committee on Rules, and in addition to
the Committee on the Budget, for a period to be subsequently determined
by the Speaker, in each case for consideration of such provisions as
fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Congressional Budget and Impoundment Control Act of 1974
to provide for cost estimates of major legislation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Pro-Growth Budgeting Act''.
SEC. 2. ESTIMATES OF MAJOR LEGISLATION.
(a) In General.--Part A of the Congressional Budget and Impoundment
Control Act 1974 is amended by adding at the end the following new
section:
``estimates of major legislation
``Sec. 407. (a) CBO Cost Estimates.--An estimate provided by the
Congressional Budget Office under section 402 for any major legislation
shall, to the extent practicable, incorporate the budgetary effects of
changes in economic output, employment, capital stock, and other
macroeconomic variables resulting from such legislation.
``(b) Joint Committee on Taxation Cost Estimates.--An estimate
provided by the Joint Committee on Taxation to the Director of the
Congressional Budget Office under section 201(f) for any major
legislation shall, to the extent practicable, incorporate the budgetary
effects of changes in economic output, employment, capital stock, and
other macroeconomic variables resulting from such legislation.
``(c) Content of Estimates.--An estimate referred to in this
section shall, to the extent practicable, include--
``(1) a qualitative assessment of the budgetary effects
(including macroeconomic variables described in subsections (a)
and (b)) of such legislation in the 20-fiscal year period
beginning after the last fiscal year of the most recently
agreed to concurrent resolution on the budget that set forth
appropriate levels required by section 301; and
``(2) an identification of the critical assumptions and the
source of data underlying that estimate.
``(d) Definitions.--As used in this section--
``(1) the term `major legislation' means any bill or joint
resolution--
``(A) for which an estimate is required to be
prepared pursuant to section 402 and that causes a
gross budgetary effect (before incorporating
macroeconomic effects) in any fiscal year over the
years of the most recently agreed to concurrent
resolution on the budget equal to or greater than 0.25
percent of the current projected gross domestic product
of the United States for that fiscal year; or
``(B) designated as such by the chair or ranking
member of the Committee on the Budget for all direct
spending legislation other than revenue legislation or
the Member who is chair or vice chair, as applicable,
of the Joint Committee on Taxation for revenue
legislation; and
``(2) the term `budgetary effects' means changes in
revenues, outlays, and deficits.''.
(b) Clerical Amendment.--The table of contents set forth in section
1(b) of the Congressional Budget and Impoundment Control Act of 1974 (2
U.S.C. 621 note) is amended by inserting after the item relating to
section 406 the following new item:
``407. Estimates of major legislation.''.
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