Pro-Growth Budgeting Act

I 116TH CONGRESS 1ST SESSION H. R. 4959 To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for cost estimates of major legislation. IN THE HOUSE OF REPRESENTATIVES OCTOBER 31, 2019 Mr. KEVIN HERN of Oklahoma (for himself, Mr. BANKS, Mr. NORMAN, Mr. MURPHY of North Carolina, Mr. KELLY of Pennsylvania, Mr. ROY, Mr. MEUSER, Mr. JOHNSON of Louisiana, Mr. GOODEN, Mr. MULLIN, Mr. WOMACK, Mr. MEADOWS, Mr. UPTON, Mr. DAVIDSON of Ohio, Mr. JOR- DAN, Mr. RESCHENTHALER, and Mr. GREEN of Tennessee) introduced the following bill; which was referred 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 provi- sions 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. 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 VerDate Sep 11 2014 04:00 Nov 08, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H4959.IH H4959 kjohnson on DSK79L0C42 with BILLS 2 •HR 4959 IH SEC. 2. ESTIMATES OF MAJOR LEGISLATION. 1 (a) IN GENERAL.—Part A of the Congressional 2 Budget and Impoundment Control Act 1974 is amended 3 by adding at the end the following new section: 4 ‘‘ESTIMATES OF MAJOR LEGISLATION 5 ‘‘SEC. 407. (a) CBO COST ESTIMATES.—An estimate 6 provided by the Congressional Budget Office under section 7 402 for any major legislation shall, to the extent prac- 8 ticable, incorporate the budgetary effects of changes in 9 economic output, employment, capital stock, and other 10 macroeconomic variables resulting from such legislation. 11 ‘‘(b) JOINT COMMITTEE ON TAXATION COST ESTI- 12 MATES.—An estimate provided by the Joint Committee on 13 Taxation to the Director of the Congressional Budget Of- 14 fice under section 201(f) for any major legislation shall, 15 to the extent practicable, incorporate the budgetary effects 16 of changes in economic output, employment, capital stock, 17 and other macroeconomic variables resulting from such 18 legislation. 19 ‘‘(c) CONTENT OF ESTIMATES.—An estimate re- 20 ferred to in this section shall, to the extent practicable, 21 include— 22 ‘‘(1) a qualitative assessment of the budgetary 23 effects (including macroeconomic variables described 24 in subsections (a) and (b)) of such legislation in the 25 20-fiscal year period beginning after the last fiscal 26 VerDate Sep 11 2014 04:00 Nov 08, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4959.IH H4959 kjohnson on DSK79L0C42 with BILLS 3 •HR 4959 IH year of the most recently agreed to concurrent reso- 1 lution on the budget that set forth appropriate levels 2 required by section 301; and 3 ‘‘(2) an identification of the critical assump- 4 tions and the source of data underlying that esti- 5 mate. 6 ‘‘(d) DEFINITIONS.—As used in this section— 7 ‘‘(1) the term ‘major legislation’ means any bill 8 or joint resolution— 9 ‘‘(A) for which an estimate is required to 10 be prepared pursuant to section 402 and that 11 causes a gross budgetary effect (before incor- 12 porating macroeconomic effects) in any fiscal 13 year over the years of the most recently agreed 14 to concurrent resolution on the budget equal to 15 or greater than 0.25 percent of the current pro- 16 jected gross domestic product of the United 17 States for that fiscal year; or 18 ‘‘(B) designated as such by the chair or 19 ranking member of the Committee on the 20 Budget for all direct spending legislation other 21 than revenue legislation or the Member who is 22 chair or vice chair, as applicable, of the Joint 23 Committee on Taxation for revenue legislation; 24 and 25 VerDate Sep 11 2014 04:00 Nov 08, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H4959.IH H4959 kjohnson on DSK79L0C42 with BILLS 4 •HR 4959 IH ‘‘(2) the term ‘budgetary effects’ means 1 changes in revenues, outlays, and deficits.’’. 2 (b) CLERICAL AMENDMENT.—The table of contents 3 set forth in section 1(b) of the Congressional Budget and 4 Impoundment Control Act of 1974 (2 U.S.C. 621 note) 5 is amended by inserting after the item relating to section 6 406 the following new item: 7 ‘‘407. Estimates of major legislation.’’. Æ VerDate Sep 11 2014 04:00 Nov 08, 2019 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H4959.IH H4959 kjohnson on DSK79L0C42 with BILLS