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Union Calendar No. 258 

112TH CONGRESS 

2D SESSION H. R. 3582 

[Report No. 112–377, Part I] 

To amend the Congressional Budget Act of 1974 to provide for 

macroeconomic analysis of the impact of legislation. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 7, 2011 

Mr. PRICE of Georgia (for himself, Mr. GARRETT, Mr. RYAN of Wisconsin, 

Mr. HENSARLING, Mr. CHAFFETZ, and Mr. STUTZMAN) 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 

JANUARY 30, 2012 

Additional sponsors: Mr. RIBBLE, Mr. KINZINGER of Illinois, Mr. PAULSEN, 

Mr. HANNA, Mr. FLORES, Mr. FLEMING, Mr. MARCHANT, Mr. 

MULVANEY, Mr. WILSON of South Carolina, Mrs. LUMMIS, Mr. 

DESJARLAIS, Mr. ROKITA, Mr. GOSAR, Mr. BARTLETT, Mr. ROE of Tennessee, Mr. WESTMORELAND, Mr. REED, Mr. LANKFORD, Mr. ROSS of 

Florida, Mr. BROUN of Georgia, Mr. MCHENRY, Mr. WOODALL, Mr. 

PITTS, Mr. HUELSKAMP, Mr. BARTON of Texas, Mr. WALBERG, Mr. 

KINGSTON, Mr. PEARCE, Mr. HARRIS, Mr. QUAYLE, Mr. POSEY, Mr. 

CULBERSON, Mrs. BLACKBURN, Mr. FRANKS of Arizona, Mr. AMASH, 

Mr. MCCLINTOCK, Mr. SCALISE, Mr. KLINE, Mr. MANZULLO, Mr. STIVERS, Mr. FLAKE, Mr. BONNER, Mrs. BLACK, Mr. TIBERI, Mr. 

HULTGREN, Mr. MCKINLEY, Mr. HARPER, Mr. AUSTIN SCOTT of Georgia, Mr. RIVERA, Mr. GIBSON, Mr. AUSTRIA, Mr. JOHNSON of Ohio, Mr. 

CRAVAACK, Mr. GINGREY of Georgia, Mr. GRAVES of Georgia, Mr. 

BARLETTA, Mr. MACK, Mr. GARDNER, Mr. SULLIVAN, Ms. HAYWORTH, 

and Mr. BILIRAKIS


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JANUARY 30, 2012 

Reported from the Committee on the Budget with an amendment 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on December 7, 2011] 

JANUARY 30, 2012 

The Committee on Rules discharged; committed to the Committee of the 

Whole House on the State of the Union and ordered to be printed 

A BILL 

To amend the Congressional Budget Act of 1974 to provide 

for macroeconomic analysis of the impact of legislation. 


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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Pro-Growth Budgeting 

5 Act of 2012’’. 

6 SEC. 2. MACROECONOMIC IMPACT ANALYSES. 

7 (a) IN GENERAL.—Part A of title IV of the Congres8 sional Budget Act of 1974 is amended by adding at the 

9 end the following new section: 

10 ‘‘MACROECONOMIC IMPACT ANALYSIS OF MAJOR

11 LEGISLATION

12 ‘‘SEC. 407. (a) CONGRESSIONAL BUDGET OFFICE.— 

13 The Congressional Budget Office shall, to the extent prac14 ticable, prepare for each major bill or resolution reported 

15 by any committee of the House of Representatives or the 

16 Senate (except the Committee on Appropriations of each 

17 House), as a supplement to estimates prepared under sec18 tion 402, a macroeconomic impact analysis of the budg19 etary effects of such bill or resolution for the ten fiscal-year 

20 period beginning with the first fiscal year for which an esti21 mate was prepared under section 402 and each of the next 

22 three ten fiscal-year periods. Such estimate shall be predi23 cated upon the supplemental projection described in section 

24 202(e)(4). The Director shall submit to such committee the 

25 macroeconomic impact analysis, together with the basis for 

26 the analysis. As a supplement to estimates prepared under 


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1 section 402, all such information so submitted shall be in2 cluded in the report accompanying such bill or resolution. 

3 ‘‘(b) ECONOMIC IMPACT.—The analysis prepared 

4 under subsection (a) shall describe the potential economic 

5 impact of the applicable major bill or resolution on major 

6 economic variables, including real gross domestic product, 

7 business investment, the capital stock, employment, and 

8 labor supply. The analysis shall also describe the potential 

9 fiscal effects of the bill or resolution, including any esti10 mates of revenue increases or decreases resulting from 

11 changes in gross domestic product. To the extent prac12 ticable, the analysis should use a variety of economic models 

13 in order to reflect the full range of possible economic out14 comes resulting from the bill or resolution. The analysis (or 

15 a technical appendix to the analysis) shall specify the eco16 nomic and econometric models used, sources of data, rel17 evant data transformations, and shall include such expla18 nation as is necessary to make the models comprehensible 

19 to academic and public policy analysts. 

20 ‘‘(c) DEFINITIONS.—As used in this section— 

21 ‘‘(1) the term ‘macroeconomic impact analysis’ 

22 means— 

23 ‘‘(A) an estimate of the changes in economic 

24 output, employment, capital stock, and tax reveVerDate Mar 15 2010 23:12 Jan 30, 2012 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H3582.RH H3582

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1 nues expected to result from enactment of the 

2 proposal; 

3 ‘‘(B) an estimate of revenue feedback ex4 pected to result from enactment of the proposal; 

5 and 

6 ‘‘(C) a statement identifying the critical as7 sumptions and the source of data underlying 

8 that estimate; 

9 ‘‘(2) the term ‘major bill or resolution’ means 

10 any bill or resolution if the gross budgetary effects of 

11 such bill or resolution for any fiscal year in the pe12 riod for which an estimate is prepared under section 

13 402 is estimated to be greater than .25 percent of the 

14 current projected gross domestic product of the United 

15 States for any such fiscal year; 

16 ‘‘(3) the term ‘budgetary effect’, when applied to 

17 a major bill or resolution, means the changes in reve18 nues, outlays, deficits, and debt resulting from that 

19 measure; and 

20 ‘‘(4) the term ‘revenue feedback’ means changes 

21 in revenue resulting from changes in economic growth 

22 as the result of the enactment of any major bill or res23 olution.’’. 

24 (b) CONFORMING AMENDMENT.—The table of contents 

25 set forth in section 1(b) of the Congressional Budget Act 


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1 of 1974 is amended by inserting after the item relating to 

2 section 406 the following new item: 

‘‘Sec. 407. Macroeconomic impact analysis of major legislation.’’. 

3 SEC. 3. ADDITIONAL CBO REPORT TO BUDGET COMMIT4 TEES. 

5 Section 202(e) of the Congressional Budget Act of 1974 

6 is amended by adding at the end the following new para7 graphs: 

8 ‘‘(4)(A) After the President’s budget submission 

9 under section 1105(a) of title 31, United States Code, 

10 in addition to the baseline projections, the Director 

11 shall submit to the Committees on the Budget of the 

12 House of Representatives and the Senate a supple13 mental projection assuming extension of current tax 

14 policy for the fiscal year commencing on October 1 of 

15 that year with a supplemental projection for the 10 

16 fiscal-year period beginning with that fiscal year, as17 suming the extension of current tax policy. 

18 ‘‘(B) For the purposes of this paragraph, the 

19 term ‘current tax policy’ means the tax policy in stat20 ute as of December 31 of the current year assuming— 

21 ‘‘(i) the budgetary effects of measures ex22 tending the Economic Growth and Tax Relief 

23 Reconciliation Act of 2001; 


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1 ‘‘(ii) the budgetary effects of measures ex2 tending the Jobs and Growth Tax Relief Rec3 onciliation Act of 2003; 

4 ‘‘(iii) the continued application of the alter5 native minimum tax as in effect for taxable 

6 years beginning in 2011 pursuant to title II of 

7 the Tax Relief, Unemployment Insurance Reau8 thorization, and Job Creation Act of 2010, as9 suming that for taxable years beginning after 

10 2011 the exemption amount shall equal— 

11 ‘‘(I) the exemption amount for taxable 

12 years beginning in 2011, as indexed for in13 flation; or 

14 ‘‘(II) if a subsequent law modifies the 

15 exemption amount for later taxable years, 

16 the modified exemption amount, as indexed 

17 for inflation; and 

18 ‘‘(iv) the budgetary effects of extending the 

19 estate, gift, and generation-skipping transfer tax 

20 provisions of title III of the Tax Relief, Unem21 ployment Insurance Reauthorization, and Job 

22 Creation Act of 2010. 

23 ‘‘(5) On or before July 1 of each year, the Direc24 tor shall submit to the Committees on the Budget of 

25 the House of Representatives and the Senate, the 


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1 Long-Term Budget Outlook for the fiscal year com2 mencing on October 1 of that year and at least the 

3 ensuing 40 fiscal years.’’. 


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Union Calendar No. 258 

112TH CONGRESS 

2D SESSION H. R. 3582 

[Report No. 112–377, Part I] 

A BILL 

To amend the Congressional Budget Act of 1974 to 

of legislation. provide for macroeconomic analysis of the impact 

JANUARY 30, 2012 

Reported from the Committee on the Budget with an 

amendment 

JANUARY 30, 2012 

The Committee on Rules discharged; committed to the 

Union and ordered to be printed Committee of the Whole House on the State of the 


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