BASIC Act

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8775 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 8775

   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

                           September 6, 2022

 Mr. Meuser (for himself and Mr. Case) 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 2022'' 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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