H. Con. Res. 71 (115th Congress)

Concurrent Resolution on the Budget for Fiscal Year 2018


TITLE III—BUDGET ENFORCEMENT IN THE HOUSE OF REPRESENTATIVES
 Subtitle A—Budget Enforcement
sec. 307. estimates of macroeconomic effects of major legislation.

(a) CBO and JCT Estimates.—During the 115th Congress, any estimate of major legislation considered in the House of Representatives or the Senate provided by the Congressional Budget Office under section 402 of the Congressional Budget Act of 1974 or by the Joint Committee on Taxation to the Congressional Budget Office under section 201(f) of such Act shall, to the extent practicable, incorporate the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables resulting from such major legislation.

(b) Contents.—Any estimate referred to in subsection (a) shall, to the extent practicable, include—

(1) a qualitative assessment of the budgetary effects (including macroeconomic variables described in subsection (a)) of major legislation in the 20-fiscal year period beginning after the last fiscal year of the most recently agreed to concurrent resolution on the budget that sets forth budgetary levels required under section 301 of the Congressional Budget Act of 1974; and

(2) an identification of the critical assumptions and the source of data underlying that estimate.

(c) Definitions.—In this section:

(1) Major legislation.—The term ‘‘major legislation’’ means—

(A) in the Senate, a bill, joint resolution, conference report, amendment, amendment between the Houses, or treaty—

(i) for which an estimate is required to be prepared pursuant to section 402 of the Congressional Budget Act of 1974 (2 U.S.C. 653) and that causes a gross budgetary effect (before incorporating macroeconomic effects and not including timing shifts) in a fiscal year in the period of years of the most recently agreed to concurrent resolution on the budget equal to or greater than—

(I) 0.25 percent of the current projected gross domestic product of the United States for that fiscal year; or

(II) for a treaty, equal to or greater than $15,000,000,000 for that fiscal year; or

(ii) designated as such by—

(I) the chair of the Committee on the Budget of the Senate for all direct spending legislation; or

(II) the Senator who is Chairman or Vice Chairman of the Joint Committee on Taxation for revenue legislation; and

(B) in the House of Representatives, a bill or joint resolution, or amendment thereto or conference report thereon—

(i) for which an estimate is required to be prepared pursuant to section 402 of the Congressional Budget Act of 1974 (2 U.S.C. 653) and that causes a gross budgetary effect (before incorporating macroeconomic effects and not including timing shifts) in a fiscal year in the period of years of the most recently agreed to concurrent resolution on the budget equal to or greater than 0.25 percent of the current projected gross domestic product of the United States for that fiscal year; or

(ii) designated as such by—

(I) the chair of the Committee on the Budget of the House of Representatives for all direct spending legislation; or

(II) the Member who is Chairman or Vice Chairman of the Joint Committee on Taxation for revenue legislation.

(2) Budgetary effects.—The term ‘‘budgetary effects’’ means changes in revenues, direct spending outlays, and deficits.

(3) Timing shifts.—The term ‘‘timing shifts’’ means—

(A) provisions that cause a delay of the date on which outlays flowing from direct spending would otherwise occur from one fiscal year to the next fiscal year; or

(B) provisions that cause an acceleration of the date on which revenues would otherwise occur from one fiscal year to the prior fiscal year.


House Budget Committee Report on Budget Resolution
(H. Rept. 115-240, Report on H. Con. Res. 71 (115th Congress))

Section 307. Estimates of Macroeconomic Effects of Major Legislation.

This rule is essentially identical to section 3112 of the conference report accompanying S. Con. Res. 11 (the Fiscal Year 2016 Concurrent Resolution on the Budget), which effectively superseded an earlier version of the rule set forth in clause 8 of House rule XIII. The only difference from its predecessor is that it fully applies to both the House and Senate.

Subsection (a) directs CBO and the Joint Committee on Taxation [JCT], as applicable and to the extent practicable, to incorporate in the cost estimates of major legislation the macroeconomic effects of such legislation during the 115th Congress.

Subsection (b) stipulates that these macroeconomic estimates are to include, also to the extent practicable, a qualitative assessment of the budgetary effects of major legislation in the 20-fiscal year period beginning after the last fiscal year of the most recently agreed to budget resolution and an identification of the assumptions and source data underlying the estimate.

Subsection (c) defines major legislation as: (1) legislation that causes a gross budgetary effect (before incorporating macroeconomic effects and not including timing shifts in any fiscal year covered by the budget resolution) equal to or greater than 0.25 percent of the current projected GDP of the United States for that fiscal year; or (2) is designated by the appropriate Chair of the Committee on Budget for all direct spending legislation or the Chair or Vice Chair of JCT for revenue legislation. Additionally, in the Senate, a treaty having a budgetary impact equal to or greater than $15 billion would also constitute major legislation.

The term ‘‘budgetary effects’’ is defined as changes in revenues, direct spending outlays, and deficits. The term ‘‘timing shifts’’ is defined as provisions that either: (1) cause a delay of the date in which outlays flowing from direct spending would otherwise occur from one fiscal year to the next fiscal year; or (2) cause an acceleration of the date on which revenues would otherwise occur from one fiscal year to the prior fiscal year.

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