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Pro-Growth Budgeting Act

H.R. 4959 · 116th Congress · Oct 31, 2019 · Lineage

A BILL

To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for cost estimates of major legislation.

1. Short title

This Act may be cited as the “Pro-Growth Budgeting Act”.

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:

“407. Estimates of major legislation

“(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: