Pro-Growth Budgeting Act

I 117TH CONGRESS 1ST SESSION H. R. 3869 To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for cost estimates of major legislation, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JUNE 14, 2021 Mr. HERN (for himself, Mr. NORMAN, Mr. DAVIDSON, Mr. JOYCE of Pennsyl- vania, Mr. MULLIN, and Mr. BANKS) introduced the following bill; which was referred to the Committee on Rules, and in addition to the Com- mittee 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 Con- trol Act of 1974 to provide for cost estimates of major legislation, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Pro-Growth Budgeting 4 Act’’. 5 SEC. 2. ESTIMATES OF MAJOR LEGISLATION. 6 (a) SENSE OF CONGRESS.—It is the sense of Con- 7 gress that increasing the debt of the Federal Government 8 VerDate Sep 11 2014 17:46 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3869.IH H3869 lotter on DSK11XQN23PROD with BILLS 2 •HR 3869 IH is a drag on economic output over the long run, and that 1 transparency with regard to the methodology and assump- 2 tions made by the Congressional Budget Office and the 3 Joint Committee on Taxation in providing estimates for 4 spending and revenue legislation will always benefit the 5 taxpayers whose monies Congress is entrusted. 6 (b) ESTIMATES OF MAJOR LEGISLATION.—Part A of 7 the Congressional Budget and Impoundment Control Act 8 1974 is amended by adding at the end the following new 9 section: 10 ‘‘ESTIMATES OF MAJOR LEGISLATION 11 ‘‘SEC. 407. (a) CBO COST ESTIMATES.—An estimate 12 provided by the Congressional Budget Office under section 13 402 for any major legislation shall, to the extent prac- 14 ticable, incorporate the budgetary effects of changes in 15 economic output, employment, capital stock, tax revenues, 16 the sources of financing new outlays, the total debt of the 17 Federal Government, international trade, international 18 capital flows, and other macroeconomic variables resulting 19 from such legislation. 20 ‘‘(b) JCT COST ESTIMATES.—An estimate provided 21 by the Joint Committee on Taxation to the Director of 22 the Congressional Budget Office under section 201(f) for 23 any major legislation shall, to the extent practicable, incor- 24 porate the budgetary effects of changes in economic out- 25 put, employment, capital stock, tax revenues, the sources 26 VerDate Sep 11 2014 17:46 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3869.IH H3869 lotter on DSK11XQN23PROD with BILLS 3 •HR 3869 IH of financing new outlays, the total debt of the Federal 1 Government, international trade, international capital 2 flows, and other macroeconomic variables resulting from 3 such legislation. 4 ‘‘(c) CONTENT OF ESTIMATES.—An estimate re- 5 ferred to in this section shall, to the extent practicable, 6 include— 7 ‘‘(1) a qualitative assessment of the budgetary 8 effects (including macroeconomic variables described 9 in subsections (a) and (b)) of such legislation in the 10 20-fiscal year period beginning after the last fiscal 11 year of the most recently agreed to concurrent reso- 12 lution on the budget that set forth appropriate levels 13 required by section 301; and 14 ‘‘(2) an identification of the critical assump- 15 tions and the source of data underlying that esti- 16 mate. 17 ‘‘(d) DEFINITIONS.—In this section— 18 ‘‘(1) the term ‘major legislation’ means any bill 19 or joint resolution— 20 ‘‘(A) for which an estimate is required to 21 be prepared pursuant to section 402 and that 22 causes a gross budgetary effect (before incor- 23 porating macroeconomic effects) in any fiscal 24 year over the years of the most recently agreed 25 VerDate Sep 11 2014 17:46 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3869.IH H3869 lotter on DSK11XQN23PROD with BILLS 4 •HR 3869 IH to concurrent resolution on the budget equal to 1 or greater than 0.25 percent of the current pro- 2 jected gross domestic product of the United 3 States for that fiscal year; or 4 ‘‘(B) designated as such by the chair or 5 ranking member of the Committee on the 6 Budget for all direct spending legislation other 7 than revenue legislation or the Member who is 8 chair or vice chair, as applicable, of the Joint 9 Committee on Taxation for revenue legislation; 10 and 11 ‘‘(2) the term ‘budgetary effects’ means 12 changes in revenues, outlays, and deficits.’’. 13 (c) CLERICAL AMENDMENT.—The table of contents 14 set forth in section 1(b) of the Congressional Budget and 15 Impoundment Control Act of 1974 (2 U.S.C. 621 note) 16 is amended by inserting after the item relating to section 17 406 the following new item: 18 ‘‘407. Estimates of major legislation.’’. Æ VerDate Sep 11 2014 17:46 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H3869.IH H3869 lotter on DSK11XQN23PROD with BILLS