BASIC Act

II 116TH CONGRESS 1ST SESSION S. 2435 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 SENATE OF THE UNITED STATES AUGUST 1, 2019 Mr. DAINES (for himself, Mr. PAUL, and Mr. PERDUE) introduced the fol- lowing bill; which was read twice and referred to the Committee on the Budget 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 2019’’ or the ‘‘BASIC 5 Act’’. 6 VerDate Sep 11 2014 04:38 Aug 15, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2435.IS S2435 kjohnson on DSK79L0C42 with BILLS 2 •S 2435 IS 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 04:38 Aug 15, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S2435.IS S2435 kjohnson on DSK79L0C42 with BILLS