What This Bill Does
This bill changes how government budget estimates get prepared. It requires two agencies that analyze the costs of laws to include information about the costs of paying interest on the national debt in their estimates. The bill also requires these agencies to list any federal programs that overlap or duplicate each other's work.
Who It Affects
The Congressional Budget Office (an agency that estimates the costs of proposed laws) and the Joint Committee on Taxation (a committee that analyzes tax legislation) are directly affected by this bill.
Key Provisions
• The Congressional Budget Office and the Joint Committee on Taxation must include the costs of servicing the public debt (paying interest on money the government has borrowed) in their cost estimates, to the extent practicable (as much as is reasonably possible). (Sec. 2, Section 407(a))
• These same agencies must provide a list of any federal agencies, programs and initiatives that have fragmented (broken up), overlapping or duplicative (repeated) goals or activities covered by the legislation being analyzed. (Sec. 2, Section 407(b))
What Changes
Budget estimates prepared by these two agencies will now need to include debt servicing costs and identify duplicative federal activities that relate to the legislation being studied.
Important Definitions
None defined in bill text.
I
118TH CONGRESS
1ST SESSION
H. R. 311
To amend the Congressional Budget Act of 1974 to provide that any estimate
prepared by the Congressional Budget Office or the Joint Committee
on Taxation shall include costs relating to servicing the public debt,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 12, 2023
Mr. CLOUD (for himself, Mr. BIGGS, Mr. DONALDS, Mr. DUNCAN, Mr.
LAMALFA,
Mr.
MCCLINTOCK,
Mr.
NORMAN,
Mr.
PERRY,
Mr.
WESTERMAN, Mr. PALMER, Mr. BISHOP of North Carolina, Mr. BAIRD,
and Mr. CARTER of Georgia) introduced the following bill; which was re-
ferred 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 juris-
diction of the committee concerned
A BILL
To amend the Congressional Budget Act of 1974 to provide
that any estimate prepared by the Congressional Budget
Office or the Joint Committee on Taxation shall include
costs relating to servicing the public debt, 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
VerDate Sep 11 2014
01:21 Jan 24, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H311.IH
H311
pbinns on DSKJLVW7X2PROD with $$_JOB
2
•HR 311 IH
SECTION 1. SHORT TITLE.
1
This Act may be cited as the ‘‘Cost Estimates Im-
2
provement Act’’.
3
SEC. 2. CBO AND JCT ESTIMATES TO INCLUDE DEBT SERV-
4
ICING COSTS.
5
(a) IN GENERAL.—The Congressional Budget and
6
Impoundment Control Act of 1974 (2 U.S.C. 621 et seq.)
7
is amended by inserting after section 406 the following:
8
‘‘ESTIMATES TO INCLUDE DEBT SERVICING COSTS AND A
9
LIST OF DUPLICATIVE ACTIVITIES
10
‘‘SEC. 407. (a) COST OF DEBT SERVICE.—Any esti-
11
mate prepared by the Director of the Congressional Budg-
12
et Office under section 402, and any estimate prepared
13
by the Joint Committee on Taxation, shall include, to the
14
extent practicable, the costs (if any) of servicing the public
15
debt.
16
‘‘(b) LIST OF DUPLICATIVE ACTIVITIES.—Any esti-
17
mate prepared by the Director of the Congressional Budg-
18
et Office or the Joint Committee on Taxation shall include
19
a list of any Federal agencies, programs, and initiatives
20
with fragmented, overlapping, or duplicative goals or ac-
21
tivities covered by the legislation.’’.
22
(b) CLERICAL AMENDMENT.—The table of contents
23
of such Act is amended by inserting after the item relating
24
to section 402 the following:
25
VerDate Sep 11 2014
01:21 Jan 24, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H311.IH
H311
pbinns on DSKJLVW7X2PROD with $$_JOB
3
•HR 311 IH
‘‘407. Estimates to include debt servicing costs and a list of duplicative activi-
ties.’’.
Æ
VerDate Sep 11 2014
01:21 Jan 24, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H311.IH
H311
pbinns on DSKJLVW7X2PROD with $$_JOB