II 

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. 

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’’. 

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: 


tjames on DSK6SPTVN1PROD with BILLS
2 

•S 1996 IS

1 ‘‘MACROECONOMIC IMPACT ANALYSIS OF MAJOR

2 LEGISLATION

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

4 The Congressional Budget Office shall, to the extent prac5 ticable, prepare for each major bill or resolution reported 

6 by any committee of the House of Representatives or the 

7 Senate (except the Committee on Appropriations of each 

8 House), as a supplement to estimates prepared under sec9 tion 402, a macroeconomic impact analysis of the costs 

10 of such bill or resolution for— 

11 ‘‘(1) the period for which an estimate is pre12 pared for such bill or resolution under section 402; 

13 and 

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

15 the first fiscal year after the last fiscal year for 

16 which an estimate was prepared under section 402 

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

18 The Director shall submit to such committee the macro19 economic impact analysis, together with the basis for the 

20 analysis. As a supplement to estimates prepared under 

21 section 402, all such information so submitted shall be in22 cluded in the report accompanying such bill or resolution. 

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

24 under subsection (a) shall describe the potential economic 

25 impact of the applicable major bill or resolution on major 


tjames on DSK6SPTVN1PROD with BILLS
3 

•S 1996 IS

1 economic variables, including real gross domestic product, 

2 business investment, the capital stock, employment, and 

3 labor supply. The analysis shall also describe the potential 

4 fiscal effects of the bill or resolution, including any esti5 mates of revenue increases or decreases resulting from 

6 changes in gross domestic product. To the extent prac7 ticable, the analysis should use a variety of economic mod8 els in order to reflect the full range of possible economic 

9 outcomes resulting from the bill or resolution. 

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

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

12 means— 

13 ‘‘(A) an estimate of the changes in eco14 nomic output, employment, capital stock, and 

15 tax revenues expected to result from enactment 

16 of the proposal; and 

17 ‘‘(B) a statement identifying the critical 

18 assumptions and the source of data underlying 

19 that estimate; 

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

21 any bill or resolution if the budgetary effects of such 

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

23 which an estimate is prepared under section 402 is 

24 estimated to be greater than .25 percent of the curVerDate Mar 15 2010 00:51 Dec 21, 2011 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1996.IS S1996

tjames on DSK6SPTVN1PROD with BILLS
4 

•S 1996 IS

1 rent projected gross domestic product of the United 

2 States for any such fiscal year; and 

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

4 in revenue resulting from changes in economic 

5 growth as the result of the enactment of any major 

6 bill or resolution.’’. 

7 (b) CONFORMING AMENDMENT.—The table of con8 tents set forth in section 1(b) of the Congressional Budget 

9 Act of 1974 is amended by inserting after the item relat10 ing to section 407 the following new item: 

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

Æ 


tjames on DSK6SPTVN1PROD with BILLS