Pro-Growth Budgeting Act of 2014 - Amends the Congressional Budget Act of 1974 (CBA) to require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committees), as a supplement to CBO cost estimates, a macroeconomic impact analysis of the budgetary effects of such legislation for the 10-fiscal year period beginning with the first fiscal year for which such estimate was prepared and each of the next three 10-fiscal year periods.
Defines "major bill or resolution" as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. gross domestic product (GDP) for that fiscal year.
Requires the analysis to describe: (1) the potential economic impact of the bill or resolution on major economic variables, including real GDP, business investment, the capital stock, employment, interest rates, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.
Requires the analysis (or a technical appendix to it) to specify the economic and econometric models used, sources of data, relevant data transformations, as well as any explanation necessary to make the models comprehensible to academic and public policy analysts.
Requires the CBO, five fiscal years after the enactment of any major bill or joint resolution for which it prepared a macroeconomic impact analysis, to report to the congressional budget committees on the accuracy of the original analysis.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1874 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 1874
To amend the Congressional Budget Act of 1974 to provide for
macroeconomic analysis of the impact of legislation.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 8, 2013
Mr. Price of Georgia (for himself, Mr. Ryan of Wisconsin, Mrs. Black,
Mr. Chaffetz, Mr. Collins of Georgia, Mr. Cotton, Mr. Garrett, Mr.
Gosar, Mr. Graves of Georgia, Mr. Hensarling, Mr. Johnson of Ohio, Mr.
Marchant, Mr. Mulvaney, Mr. Radel, Mr. Reed, Mr. Ribble, Mr. Ross, Mr.
Scalise, Mr. Austin Scott of Georgia, Mr. Westmoreland, Mr. Wilson of
South Carolina, Mr. Woodall, Mr. Jordan, Mr. Barr, Mr. Terry, Mr.
Franks of Arizona, Mr. Bishop of Utah, Mr. Pittenger, Mr. Yoder, and
Mr. Fortenberry) introduced the following bill; which was referred to
the Committee on the Budget, and in addition to the Committee on Rules,
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 Act of 1974 to provide for
macroeconomic analysis of the impact of legislation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Pro-Growth Budgeting Act of 2013''.
SEC. 2. MACROECONOMIC IMPACT ANALYSES.
(a) In General.--Part A of title IV of the Congressional Budget Act
of 1974 is amended by adding at the end the following new section:
``macroeconomic impact analysis of major legislation
``Sec. 407. (a) Congressional Budget Office.--The Congressional
Budget Office shall, to the extent practicable, prepare for each major
bill or resolution reported by any committee of the House of
Representatives or the Senate (except the Committee on Appropriations
of each House), as a supplement to estimates prepared under section
402, a macroeconomic impact analysis of the budgetary effects of such
bill or resolution for the ten fiscal-year period beginning with the
first fiscal year for which an estimate was prepared under section 402
and each of the next three ten fiscal-year periods. Such estimate shall
be predicated upon the supplemental projection described in section
202(e)(4). The Director shall submit to such committee the
macroeconomic impact analysis, together with the basis for the
analysis. As a supplement to estimates prepared under section 402, all
such information so submitted shall be included in the report
accompanying such bill or resolution.
``(b) Economic Impact.--The analysis prepared under subsection (a)
shall describe the potential economic impact of the applicable major
bill or resolution on major economic variables, including real gross
domestic product, business investment, the capital stock, employment,
interest rates, and labor supply. The analysis shall also describe the
potential fiscal effects of the bill or resolution, including any
estimates of revenue increases or decreases resulting from changes in
gross domestic product. To the extent practicable, the analysis should
use a variety of economic models in order to reflect the full range of
possible economic outcomes resulting from the bill or resolution. The
analysis (or a technical appendix to the analysis) shall specify the
economic and econometric models used, sources of data, relevant data
transformations, and shall include such explanation as is necessary to
make the models comprehensible to academic and public policy analysts.
``(c) Definitions.--As used in this section--
``(1) the term `macroeconomic impact analysis' means--
``(A) an estimate of the changes in economic
output, employment, interest rates, capital stock, and
tax revenues expected to result from enactment of the
proposal;
``(B) an estimate of revenue feedback expected to
result from enactment of the proposal; and
``(C) a statement identifying the critical
assumptions and the source of data underlying that
estimate;
``(2) the term `major bill or resolution' means any bill or
resolution if the gross budgetary effects of such bill or
resolution for any fiscal year in the period for which an
estimate is prepared under section 402 is estimated to be
greater than .25 percent of the current projected gross
domestic product of the United States for any such fiscal year;
``(3) the term `budgetary effect', when applied to a major
bill or resolution, means the changes in revenues, outlays,
deficits, and debt resulting from that measure; and
``(4) the term `revenue feedback' means changes in revenue
resulting from changes in economic growth as the result of the
enactment of any major bill or resolution.''.
(b) Conforming Amendment.--The table of contents set forth in
section 1(b) of the Congressional Budget Act of 1974 is amended by
inserting after the item relating to section 406 the following new
item:
``Sec. 407. Macroeconomic impact analysis of major legislation.''.
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POSTPONED PROCEEDINGS - At the conclusion of debate on the Connolly amendment No. 1, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Connolly demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.
DEBATE - Pursuant to the provisions of H. Res. 539, the Committee of the Whole proceeded with 10 minutes of debate on the Israel Part B amendment No. 2.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Israel amendment No. 2, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Israel demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.
DEBATE - Pursuant to the provisions of H. Res. 539, the Committee of the Whole proceeded with 10 minutes of debate on the Cicilline Part B amendment No. 3.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Cicilline amendment No. 3, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Cicilline demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.
DEBATE - Pursuant to the provisions of H. Res. 539, the Committee of the Whole proceeded with 10 minutes of debate on the Bishop (NY) Part B amendment No. 4.
DEBATE - Pursuant to the provisions of H. Res. 539, the Committee of the Whole proceeded with 10 minutes of debate on the Jackson Lee (TX) Part B amendment No. 5.
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POSTPONED PROCEEDINGS - At the conclusion of debate on the Jackson Lee (TX) amendment No. 5, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Ms. Jackson Lee (TX) demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.
UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question on adoption of amendments which had been debated earlier and on which further proceedings had been postponed.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1874.
The previous question was ordered pursuant to the rule. (consideration: CR H2943)
The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union. (text of committee amendment: CR H2935-2936)
Ms. Kuster moved to recommit with instructions to the Committee on the Budget. (consideration: CR H2943-2944; text: CR H2943)
Floor summary: DEBATE - The House proceeeded with 10 minutes of debate on the Kuster motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to require any dynamic score under the bill to include impacts on job creation and economic growth of any investment in education, transportation and infrastructure. It also allows appropriations bills to benefit from dynamic scoring under the bill.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2944)
On motion to recommit with instructions Failed by recorded vote: 187 - 218 (Roll no. 163).
Roll Call #163 (House)Passed/agreed to in House: On passage Passed by recorded vote: 224 - 182 (Roll no. 164).
Roll Call #164 (House)On passage Passed by recorded vote: 224 - 182 (Roll no. 164).
Roll Call #164 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on the Budget.