I 

112TH CONGRESS 

1ST SESSION H. R. 3582 

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 

A BILL 

To amend the Congressional Budget Act of 1974 to provide 

for macroeconomic analysis of the impact of legislation. 

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 2011’’. 


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1 SEC. 2. MACROECONOMIC IMPACT ANALYSES. 

2 (a) IN GENERAL.—Part A of title IV of the Congres3 sional Budget Act of 1974 is amended by adding at the 

4 end the following new section: 

5 ‘‘MACROECONOMIC IMPACT ANALYSIS OF MAJOR

6 LEGISLATION

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

8 The Congressional Budget Office shall, to the extent prac9 ticable, prepare for each major bill or resolution reported 

10 by any committee of the House of Representatives or the 

11 Senate (except the Committee on Appropriations of each 

12 House), as a supplement to estimates prepared under sec13 tion 402, a macroeconomic impact analysis of the costs 

14 of such bill or resolution for— 

15 ‘‘(1) the period for which an estimate is pre16 pared for such bill or resolution under section 402; 

17 and 

18 ‘‘(2) the ten fiscal-year period beginning with 

19 the first fiscal year after the last fiscal year for 

20 which an estimate was prepared under section 402 

21 and each of the next two ten fiscal-year periods. 

22 The Director shall submit to such committee the macro23 economic impact analysis, together with the basis for the 

24 analysis. As a supplement to estimates prepared under 

25 section 402, all such information so submitted shall be in26 cluded in the report accompanying such bill or resolution. 


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

2 under subsection (a) shall describe the potential economic 

3 impact of the applicable major bill or resolution on major 

4 economic variables, including real gross domestic product, 

5 business investment, the capital stock, employment, and 

6 labor supply. The analysis shall also describe the potential 

7 fiscal effects of the bill or resolution, including any esti8 mates of revenue increases or decreases resulting from 

9 changes in gross domestic product. To the extent prac10 ticable, the analysis should use a variety of economic mod11 els in order to reflect the full range of possible economic 

12 outcomes resulting from the bill or resolution. 

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

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

15 means— 

16 ‘‘(A) an estimate of the changes in eco17 nomic output, employment, capital stock, and 

18 tax revenues expected to result from enactment 

19 of the proposal; and 

20 ‘‘(B) a statement identifying the critical 

21 assumptions and the source of data underlying 

22 that estimate; 

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

24 any bill or resolution if the budgetary effects of such 

25 bill or resolution for any fiscal year in the period for 


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1 which an estimate is prepared under section 402 is 

2 estimated to be greater than .25 percent of the cur3 rent projected gross domestic product of the United 

4 States for any such fiscal year; and 

5 ‘‘(3) the term ‘revenue feedback’ means changes 

6 in revenue resulting from changes in economic 

7 growth as the result of the enactment of any major 

8 bill or resolution.’’. 

9 (b) CONFORMING AMENDMENT.—The table of con10 tents set forth in section 1(b) of the Congressional Budget 

11 Act of 1974 is amended by inserting after the item relat12 ing to section 407 the following new item: 

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

Æ 


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