[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1996 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1996

     To amend the Congressional Budget Act of 1974 to provide for 
          macroeconomic analysis of the impact of legislation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 15, 2011

   Ms. Ayotte (for herself, Mr. Rubio, and Mr. Johnson of Wisconsin) 
introduced the following bill; which was read twice and referred to the 
                        Committee on the Budget

_______________________________________________________________________

                                 A BILL


 
     To amend the Congressional Budget Act of 1974 to provide for 
          macroeconomic analysis of the impact of legislation.

    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 ``Pro-Growth Budgeting Act of 2011''.

SEC. 2. MACROECONOMIC IMPACT ANALYSES.

    (a) In General.--Part A of title IV of the Congressional Budget Act 
of 1974 is amended by adding at the end the following new section:

          ``macroeconomic impact analysis of major legislation

    ``Sec. 407.  (a) Congressional Budget Office.--The Congressional 
Budget Office shall, to the extent practicable, prepare for each major 
bill or resolution reported by any committee of the House of 
Representatives or the Senate (except the Committee on Appropriations 
of each House), as a supplement to estimates prepared under section 
402, a macroeconomic impact analysis of the costs of such bill or 
resolution for--
            ``(1) the period for which an estimate is prepared for such 
        bill or resolution under section 402; and
            ``(2) the ten fiscal-year period beginning with the first 
        fiscal year after the last fiscal year for which an estimate 
        was prepared under section 402 and each of the next two ten 
        fiscal-year periods.
The Director shall submit to such committee the macroeconomic impact 
analysis, together with the basis for the analysis. As a supplement to 
estimates prepared under section 402, all such information so submitted 
shall be included in the report accompanying such bill or resolution.
    ``(b) Economic Impact.--The analysis prepared under subsection (a) 
shall describe the potential economic impact of the applicable major 
bill or resolution on major economic variables, including real gross 
domestic product, business investment, the capital stock, employment, 
and labor supply. The analysis shall also describe the potential fiscal 
effects of the bill or resolution, including any estimates of revenue 
increases or decreases resulting from changes in gross domestic 
product. To the extent practicable, the analysis should use a variety 
of economic models in order to reflect the full range of possible 
economic outcomes resulting from the bill or resolution.
    ``(c) Definitions.--As used in this section--
            ``(1) the term `macroeconomic impact analysis' means--
                    ``(A) an estimate of the changes in economic 
                output, employment, capital stock, and tax revenues 
                expected to result from enactment of the proposal; and
                    ``(B) a statement identifying the critical 
                assumptions and the source of data underlying that 
                estimate;
            ``(2) the term `major bill or resolution' means any bill or 
        resolution if the budgetary effects of such bill or resolution 
        for any fiscal year in the period for which an estimate is 
        prepared under section 402 is estimated to be greater than .25 
        percent of the current projected gross domestic product of the 
        United States for any such fiscal year; and
            ``(3) the term `revenue feedback' means changes in revenue 
        resulting from changes in economic growth as the result of the 
        enactment of any major bill or resolution.''.
    (b) Conforming Amendment.--The table of contents set forth in 
section 1(b) of the Congressional Budget Act of 1974 is amended by 
inserting after the item relating to section 407 the following new 
item:

``Sec. 407. Macroeconomic impact analysis of major legislation.''.
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