[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1874 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 1874

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2013

 Mr. Price of Georgia (for himself, Mr. Ryan of Wisconsin, Mrs. Black, 
  Mr. Chaffetz, Mr. Collins of Georgia, Mr. Cotton, Mr. Garrett, Mr. 
Gosar, Mr. Graves of Georgia, Mr. Hensarling, Mr. Johnson of Ohio, Mr. 
Marchant, Mr. Mulvaney, Mr. Radel, Mr. Reed, Mr. Ribble, Mr. Ross, Mr. 
 Scalise, Mr. Austin Scott of Georgia, Mr. Westmoreland, Mr. Wilson of 
   South Carolina, Mr. Woodall, Mr. Jordan, Mr. Barr, Mr. Terry, Mr. 
 Franks of Arizona, Mr. Bishop of Utah, Mr. Pittenger, Mr. Yoder, and 
 Mr. Fortenberry) introduced the following bill; which was referred to 
the Committee on the Budget, and in addition to the Committee on Rules, 
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

_______________________________________________________________________

                                 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 2013''.

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 budgetary effects of such 
bill or resolution for the ten fiscal-year period beginning with the 
first fiscal year for which an estimate was prepared under section 402 
and each of the next three ten fiscal-year periods. Such estimate shall 
be predicated upon the supplemental projection described in section 
202(e)(4). 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, 
interest rates, 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. The 
analysis (or a technical appendix to the analysis) shall specify the 
economic and econometric models used, sources of data, relevant data 
transformations, and shall include such explanation as is necessary to 
make the models comprehensible to academic and public policy analysts.
    ``(c) Definitions.--As used in this section--
            ``(1) the term `macroeconomic impact analysis' means--
                    ``(A) an estimate of the changes in economic 
                output, employment, interest rates, capital stock, and 
                tax revenues expected to result from enactment of the 
                proposal;
                    ``(B) an estimate of revenue feedback expected to 
                result from enactment of the proposal; and
                    ``(C) 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 gross 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;
            ``(3) the term `budgetary effect', when applied to a major 
        bill or resolution, means the changes in revenues, outlays, 
        deficits, and debt resulting from that measure; and
            ``(4) 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 406 the following new 
item:

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