Concurrent Resolution on the Budget
for Fiscal Year 2018
TITLE V—BUDGET PROCESS IN THE HOUSE OF REPRESENTATIVES
Subtitle A—Budget Enforcement
SEC. 5107. 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 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 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; 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 bill or joint resolution, or amendment thereto or conference report thereon—
(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 0.25 percent of the current projected gross domestic product of the United States for that fiscal year; or
(B) 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.
H. Con. Res. 71, as Passed by the House
This section was included as section 307 of H. Con. Res. 71 (115th Congress), as it was adopted by the House of Representatives.
[BCR § 010.43]