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.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3582 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3582
To amend the Congressional Budget Act of 1974 to provide for
macroeconomic analysis of the impact of legislation.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 7, 2011
Mr. Price of Georgia (for himself, Mr. Garrett, Mr. Ryan of Wisconsin,
Mr. Hensarling, Mr. Chaffetz, and Mr. Stutzman) 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 2011''.
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 costs of such bill or
resolution for--
``(1) the period for which an estimate is prepared for such
bill or resolution under section 402; and
``(2) the ten fiscal-year period beginning with the first
fiscal year after the last fiscal year for which an estimate
was prepared under section 402 and each of the next two ten
fiscal-year periods.
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,
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.
``(c) Definitions.--As used in this section--
``(1) the term `macroeconomic impact analysis' means--
``(A) an estimate of the changes in economic
output, employment, capital stock, and tax revenues
expected to result from enactment of the proposal; and
``(B) 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 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; and
``(3) 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 407 the following new
item:
``Sec. 407. Macroeconomic impact analysis of major legislation.''.
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DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Fudge Part B amendment No. 4.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Fudge amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Fudge demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Jackson Lee Part B amendment No. 5.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Jackson Lee (TX) amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mrs. Jackson Lee (TX) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Quigley Part B amendment No. 6.
DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Flake Part B amendment No. 7.
DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Cicilline Part B amendment No. 8.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Cicilline substitute amendment, 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 the question of adoption of the amendment until later in the legislative day.
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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. 3582.
The previous question was ordered without objection. (consideration: CR H417)
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H404-405)
Mr. Boswell moved to recommit with instructions to the Budget Committee. (consideration: CR H417-418; text: CR H417)
DEBATE - The House proceeded with 10 minutes of debate on the Boswell motion to recommit. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a new subsection entitled "Impacts on Medicare Benefits, Beneficiaries, the Social Security and Medicare Trust Funds".
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H417)
On motion to recommit with instructions Failed by recorded vote: 183 - 237 (Roll no. 29).
Roll Call #29 (House)Passed/agreed to in House: On passage Passed by recorded vote: 242 - 179 (Roll no. 30).
Roll Call #30 (House)On passage Passed by recorded vote: 242 - 179 (Roll no. 30).
Roll Call #30 (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.