I 

115TH CONGRESS 

1ST SESSION H. R. 4361 

To require the use of macroeconomic analysis in estimating the budgetary 

effects of major revenue legislation. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 9, 2017 

Mr. MESSER introduced the following bill; which was referred to the Committee on the Budget, and in addition to the Committee on Ways and 

Means, 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 require the use of macroeconomic analysis in estimating 

the budgetary effects of major revenue 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 ‘‘Accurate Budgeting 

5 Act’’. 


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1 SEC. 2. MACROECONOMIC IMPACT ANALYSES FOR MAJOR 

2 REVENUE LEGISLATION. 

3 (a) DEFINITIONS.—Section 3 of the Congressional 

4 Budget Act of 1974 (2 U.S.C. 622) is amended by adding 

5 at the end the following: 

6 ‘‘(12)(A) The term ‘macroeconomic impact 

7 analysis’ means— 

8 ‘‘(i) an estimate of the changes in eco9 nomic output, employment, interest rates, cap10 ital stock, and tax revenues expected to result 

11 from the revenue provisions in a major revenue 

12 bill or resolution; 

13 ‘‘(ii) an estimate of revenue feedback ex14 pected to result from those revenue provisions; 

15 and 

16 ‘‘(iii) a statement identifying the critical 

17 assumptions and the source of data underlying 

18 that estimate, to the extent necessary to make 

19 the models comprehensible to academic and 

20 public policy analysts. 

21 ‘‘(B) The term ‘major revenue bill or resolution’ 

22 means a bill, resolution, conference report, or 

23 amendment between the Houses for which— 

24 ‘‘(i) either— 

25 ‘‘(I) the sum of the positive changes 

26 in revenues resulting from such measure 


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1 (not including the impact of any timing 

2 shifts for the due date for estimated cor3 porate income tax payments) for any fiscal 

4 year in the period for which an estimate is 

5 prepared under section 201(f); or 

6 ‘‘(II) the absolute value of the sum of 

7 the negative changes in revenues resulting 

8 from such measure (not including the im9 pact of any timing shifts for the due date 

10 for estimated corporate income tax pay11 ments) for any fiscal year for which such 

12 an estimate is prepared, 

13 is greater than 

14 ‘‘(ii) 0.25 percent of the current projected 

15 gross domestic product of the United States (as 

16 determined by the Bureau of Economic Anal17 ysis of the Department of Commerce) for such 

18 fiscal year. 

19 ‘‘(C) The term ‘revenue feedback’ means 

20 changes in revenue resulting from changes in eco21 nomic growth as the result of the enactment of any 

22 major revenue bill or resolution.’’. 

23 (b) MACROECONOMIC IMPACT ANALYSIS OF MAJOR

24 REVENUE LEGISLATION.— 


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1 (1) IN GENERAL.—Section 201(f) of the Con2 gressional Budget Act of 1974 (2 U.S.C. 601(f)) is 

3 amended— 

4 (A) by striking ‘‘For the purposes’’ and in5 serting the following: 

6 ‘‘(1) For the purposes’’; and 

7 (B) by adding at the end the following: 

8 ‘‘(2) To the extent practicable, a revenue estimate 

9 prepared by the Joint Committee on Taxation for a major 

10 revenue bill or resolution shall incorporate a macro11 economic impact analysis of the budgetary effects of the 

12 major revenue bill or resolution.’’. 

13 (2) PAYGO.—Section 3(4) of the Statutory 

14 Pay-As-You-Go Act of 2010 (2 U.S.C. 932(4)) is 

15 amended by adding at the end the following: 

16 ‘‘(D)(i) In this subparagraph, the terms ‘macro17 economic impact analysis’ and ‘major revenue bill or 

18 resolution’ have the meanings given such terms in 

19 section 3 of the Congressional Budget Act of 1974 

20 (2 U.S.C. 622). 

21 ‘‘(ii) To the extent practicable, an estimate of 

22 the budgetary effects of a major revenue bill or reso23 lution prepared for purposes of this Act shall incor24 porate a macroeconomic impact analysis of the 


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1 budgetary effects of the major revenue bill or resolu2 tion.’’. 

Æ 


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