II 

113TH CONGRESS 

2D SESSION S. 2371 

To amend the Congressional Budget Act of 1974 to provide for 

macroeconomic analysis of the impact of major revenue legislation. 

IN THE SENATE OF THE UNITED STATES 

MAY 21, 2014 

Mr. PORTMAN (for himself, Mr. GRAHAM, Mr. KIRK, Mr. CHAMBLISS, Mr. 

FLAKE, Mr. BLUNT, Mr. JOHANNS, Mr. INHOFE, Mr. CRAPO, Mr. 

RUBIO, Mr. BARRASSO, Mr. THUNE, Mr. SCOTT, Mr. VITTER, Ms. 

AYOTTE, Mr. LEE, Mr. BURR, and Mrs. FISCHER) 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 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) IN GENERAL.—Part A of title IV of the Congres4 sional Budget Act of 1974 is amended by adding at the 

5 end the following new section: 

6 ‘‘MACROECONOMIC IMPACT ANALYSIS OF MAJOR REVENUE

7 LEGISLATION

8 ‘‘SEC. 407. (a) JOINT COMMITTEE ON TAXATION.— 

9 The Joint Committee on Taxation shall, to the extent 

10 practicable, prepare for each major revenue bill or resolu11 tion which is— 

12 ‘‘(1) reported by the Committee on Ways and 

13 Means of the House of Representatives or the Com14 mittee on Finance of the Senate; or 

15 ‘‘(2) considered on the floor of the House of 

16 Representatives or the Senate, 

17 as a supplement to estimates prepared under section 402, 

18 a macroeconomic impact analysis of the budgetary effects 

19 of such bill or resolution for the 10 fiscal-year period be20 ginning with the first fiscal year for which an estimate 

21 was prepared under section 402 and each of the next three 

22 10 fiscal-year periods. To the extent practicable, the Joint 

23 Committee on Taxation’s macroeconomic impact analysis 

24 shall be included in full as part of the Congressional Budg25 et Office report accompanying such bill or resolution 

26 under section 402. If a macroeconomic impact analysis is 


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1 not included as part of the Congressional Budget Office 

2 report relating to a major revenue bill or resolution, the 

3 Chairman of the Committee reporting the bill or resolution 

4 shall cause the analysis to be entered into the Congres5 sional Record of the Senate and House of Representatives. 

6 ‘‘(b) DEFINITIONS.—As used in this section: 

7 ‘‘(1) MACROECONOMIC IMPACT ANALYSIS.—The 

8 term ‘macroeconomic impact analysis’ means— 

9 ‘‘(A) an estimate of the changes in eco10 nomic output, employment, interest rates, cap11 ital stock, and tax revenues expected to result 

12 from the revenue provisions in the proposal to 

13 which section 201(f) applies; 

14 ‘‘(B) an estimate of revenue feedback ex15 pected to result from those revenue provisions; 

16 and 

17 ‘‘(C) a statement identifying the critical 

18 assumptions and the source of data underlying 

19 that estimate, to the extent necessary to make 

20 the models comprehensible to academic and 

21 public policy analysts. 

22 ‘‘(2) MAJOR REVENUE BILL OR RESOLUTION.— 

23 The term ‘major revenue bill or resolution’ means a 

24 bill, resolution, or conference report for which— 

25 ‘‘(A) either— 


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1 ‘‘(i) the sum of the positive changes in 

2 revenues resulting from such measure (not 

3 including the impact of any timing shifts 

4 for the due date for estimated corporate 

5 income tax payments) for any fiscal year in 

6 the period for which an estimate is pre7 pared under section 402; or 

8 ‘‘(ii) the absolute value of the sum of 

9 the negative changes in revenues resulting 

10 from such measure (not including the im11 pact of any timing shifts for the due date 

12 for estimated corporate income tax pay13 ments) for any fiscal year for which such 

14 an estimate is prepared, 

15 is greater than 

16 ‘‘(B) 0.25 percent of the current projected 

17 gross domestic product of the United States (as 

18 determined by the Bureau of Economic Anal19 ysis of the Department of Commerce) for such 

20 fiscal year. 

21 ‘‘(3) REVENUE FEEDBACK.—The term ‘revenue 

22 feedback’ means changes in revenue resulting from 

23 changes in economic growth as the result of the en24 actment of any major revenue bill or resolution.’’. 


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1 (b) CONFORMING AMENDMENT.—The table of con2 tents set forth in section 1(b) of the Congressional Budget 

3 and Impoundment Control Act of 1974 is amended by in4 serting after the item relating to section 406 the following 

5 new item: 

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

Æ 


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