H.R.3582 - Pro-Growth Budgeting Act of 2011

To amend the Congressional Budget Act of 1974 to provide for macroeconomic analysis of the impact of legislation. view all titles (6)

All Bill Titles

  • Official: To amend the Congressional Budget Act of 1974 to provide for macroeconomic analysis of the impact of legislation. as introduced.
  • Short: Pro-Growth Budgeting Act of 2011 as introduced.
  • Short: Pro-Growth Budgeting Act of 2011 as reported to house.
  • Short: Pro-Growth Budgeting Act of 2011 as passed house.
  • Short: Pro-Growth Budgeting Act of 2012 as reported to house.
  • Short: Pro-Growth Budgeting Act of 2012 as passed house.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 2
  • Past Seven Days: 2
  • All-Time: 2,387
 
Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
12/07/11
 
02/02/12
 
 
 
 
 

Sponsor

Representative

Tom Price

R-GA

View Co-Sponsors (66)
 

Latest Vote

Result: Passed - February 02, 2012

Roll call number 30 in the House

Question: On Passage: H R 3582 To amend the Congressional Budget Act of 1974 to provide for macroeconomic analysis of the impact of legislation

 

Official Summary

Pro-Growth Budgeting Act of 2012 - (Sec. 2) 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 supp

Official Summary

Pro-Growth Budgeting Act of 2012 -

(Sec. 2)

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.

(Sec. 3)

Amends CBA to require the CBO Director, after the President's budget submission and in addition to the baseline projections, to report a supplemental projection to the congressional budget committees, assuming extension of current tax policy for the fiscal year commencing on October 1 of that year, with a supplemental projection for the 10-fiscal year period beginning with that fiscal year, again assuming the extension of current tax policy. Defines \"current tax policy\" as the tax policy in statute as of December 31 of the current year, assuming:
(1) the budgetary effects of measures extending the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003;
(2) the continued application of the alternative minimum tax (AMT) as in effect for taxable years beginning in 2011, with a specified assumption for taxable years beginning after 2011; and
(3) the budgetary effects of extending the estate, gift, and generation-skipping transfer tax provisions of title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Requires CBO to report to such committees, on or before July 1 of each year, the Long-Term Budget Outlook for:
(1) the fiscal year commencing on October 1 of that year, and
(2) at least the ensuing 40 fiscal years.

...Read the Rest

Organizations Supporting H.R.3582

  • Americans for Tax Reform
  • Let Freedom Ring
  • Less Government
  • National Taxpayers Union
  • Americans For Prosperity
  • Heritage Action for America
  • ...and 3 more. See all.

Organizations Opposing H.R.3582

  • None via MapLight at this time.




Vote on This Bill

75% Users Support Bill

3 in favor / 1 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC