BASIC Act

Budgetary Accuracy in Scoring Interest Costs Act of 2019 or the BASIC Act

This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include the costs of servicing the public debt.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3979 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3979

   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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2019

Mr. Meuser (for himself and Mr. Womack) 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 provisions as fall 
           within the jurisdiction of the committee concerned

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                                 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Budgetary Accuracy in Scoring 
Interest Costs Act of 2019'' or the ``BASIC Act''.

SEC. 2. CBO AND JCT ESTIMATES TO INCLUDE DEBT SERVICING COSTS.

    (a) In General.--The Congressional Budget and Impoundment Control 
Act of 1974 (2 U.S.C. 621 et seq.) is amended by inserting after 
section 402 the following:

              ``estimates to include debt servicing costs

    ``Sec. 403. Any estimate prepared by the Congressional Budget 
Office under section 402, and any estimate prepared by the Joint 
Committee on Taxation, shall include, to the extent practicable, the 
costs (if any) of servicing the public debt.''.
    (b) Clerical Amendment.--The table of contents of such Act is 
amended by inserting after the item relating to section 402 the 
following:

``403. Estimates to include debt servicing costs.''.
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