BASIC Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 362 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 362

   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

                            January 13, 2023

 Mr. Meuser (for himself, Mr. Crenshaw, and Mr. Steil) 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 2023'' 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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