Federal

BASIC Act

Source: Congress.gov · 386 words in original text

What This Bill Does

This bill changes how the government calculates the costs of proposed laws. It requires two federal agencies to include the costs of servicing the public debt (the interest the government pays on money it has borrowed) when they estimate how much new laws will cost. The bill amends the Congressional Budget Act of 1974.

Who It Affects

The Congressional Budget Office (a federal agency that analyzes the costs of proposed laws) The Joint Committee on Taxation (a congressional committee that estimates tax law impacts) Congress (which receives these cost estimates when considering new legislation)

Key Provisions

Any estimate prepared by the Congressional Budget Office must include the costs of servicing the public debt, to the extent practicable (to the extent reasonably possible). (Sec. 403) Any estimate prepared by the Joint Committee on Taxation must include the costs of servicing the public debt, to the extent practicable. (Sec. 403)

What Changes

Currently, these agencies may not include debt servicing costs in their estimates of proposed laws. After this bill becomes law, they would be required to include these costs when estimating the total expense of new legislation.

Important Definitions

Servicing the public debt means paying the costs, particularly interest, related to money the government has borrowed.

Effective Date

Not specified in bill text

I 118TH CONGRESS 1ST SESSION H. R. 362 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 13, 2023 Mr. MEUSER (for himself, Mr. CRENSHAW, and Mr. STEIL) introduced the fol- lowing bill; which was referred to the Committee on Rules, and in addi- tion to the Committee on the Budget, for a period to be subsequently de- termined 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 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 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Budgetary Accuracy 4 in Scoring Interest Costs Act of 2023’’ or the ‘‘BASIC 5 Act’’. 6 VerDate Sep 11 2014 04:21 Jan 26, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H362.IH H362 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 362 IH SEC. 2. CBO AND JCT ESTIMATES TO INCLUDE DEBT SERV- 1 ICING COSTS. 2 (a) IN GENERAL.—The Congressional Budget and 3 Impoundment Control Act of 1974 (2 U.S.C. 621 et seq.) 4 is amended by inserting after section 402 the following: 5 ‘‘ESTIMATES TO INCLUDE DEBT SERVICING COSTS 6 ‘‘SEC. 403. Any estimate prepared by the Congres- 7 sional Budget Office under section 402, and any estimate 8 prepared by the Joint Committee on Taxation, shall in- 9 clude, to the extent practicable, the costs (if any) of serv- 10 icing the public debt.’’. 11 (b) CLERICAL AMENDMENT.—The table of contents 12 of such Act is amended by inserting after the item relating 13 to section 402 the following: 14 ‘‘403. Estimates to include debt servicing costs.’’. Æ VerDate Sep 11 2014 04:21 Jan 26, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H362.IH H362 kjohnson on DSK79L0C42PROD with BILLS

Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.