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

Concurrent Resolution on the Budget for Fiscal Year 2018

Section 4107

TITLE IV—BUDGET PROCESS
SUBTITLE A—BUDGET ENFORCEMENT 
SEC. 4107. HONEST ACCOUNTING: COST ESTIMATES FOR MAJOR LEGISLATION TO INCORPORATE MACROECONOMIC EFFECTS.

(a) CBO and JCT Estimates.—During the 115th Congress, any estimate provided by the Congressional Budget Office under section 402 of the Congressional Budget Act of 1974 (2 U.S.C. 653) or by the Joint Committee on Taxation to the Congressional Budget Office under section 201(f) of such Act (2 U.S.C. 601(f)) for major legislation considered in the Senate shall, to the greatest 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 the 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 (2 U.S.C. 632); and

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

(c) Distributional Effects.—Any estimate referred to in subsection (a) shall, to the extent practicable, include the distributional effects across income categories resulting from major legislation.

(d) Definitions.—In this section:

(1) Major Legislation.—The term “major legislation” means a bill, joint resolution, conference report, amendment, amendment between the Houses, or treaty considered in the Senate—

(A) 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

(B) designated as such by—

(i) the Chairman of the Committee on the Budget of the Senate for all direct spending and revenue legislation; or

(ii) the Senator 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 shiftsmeans—

(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.

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H. Con. Res. 71 (Final)

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H. Con. Res. 71 (Final)

[BCR  § 010.43]