112TH CONGRESS 
2D SESSION 
H. R. 3582 
AN ACT 
To amend the Congressional Budget Act of 1974 to provide 
for macroeconomic analysis of the impact of legislation. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Pro-Growth Budgeting 
Act of 2012’’. 
SEC. 2. MACROECONOMIC IMPACT ANALYSES. 
(a) IN GENERAL.—Part A of title IV of the Congres-
sional Budget Act of 1974 is amended by adding at the 
end the following new section: 
‘‘MACROECONOMIC IMPACT ANALYSIS OF MAJOR 
LEGISLATION 
‘‘SEC. 407. (a) CONGRESSIONAL BUDGET OFFICE.— 
The Congressional Budget Office shall, to the extent prac-
ticable, prepare for each major bill or resolution reported 
by any committee of the House of Representatives or the 
Senate (except the Committee on Appropriations of each 
House), as a supplement to estimates prepared under sec-
tion 402, a macroeconomic impact analysis of the budg-
etary effects of such bill or resolution for the ten fiscal- 
year period beginning with the first fiscal year for which 
an estimate was prepared under section 402 and each of 
the next three ten fiscal-year periods. Such estimate shall 
be predicated upon the supplemental projection described 
in section 202(e)(4). The Director shall submit to such 
committee the macroeconomic impact analysis, together 
with the basis for the analysis. As a supplement to esti-
mates prepared under section 402, all such information
so submitted shall be included in the report accompanying 
such bill or resolution. 
‘‘(b) ECONOMIC IMPACT.—The analysis prepared 
under subsection (a) shall describe the potential economic 
impact of the applicable major bill or resolution on major 
economic variables, including real gross domestic product, 
business investment, the capital stock, employment, inter-
est rates, and labor supply. The analysis shall also de-
scribe the potential fiscal effects of the bill or resolution, 
including any estimates of revenue increases or decreases 
resulting from changes in gross domestic product. To the 
extent practicable, the analysis should use a variety of eco-
nomic models in order to reflect the full range of possible 
economic outcomes resulting from the bill or resolution. 
The analysis (or a technical appendix to the analysis) shall 
specify the economic and econometric models used, sources 
of data, relevant data transformations, and shall include 
such explanation as is necessary to make the models com-
prehensible to academic and public policy analysts. 
‘‘(c) DEFINITIONS.—As used in this section— 
‘‘(1) the term ‘macroeconomic impact analysis’ 
means— 
‘‘(A) an estimate of the changes in eco-
nomic output, employment, interest rates, cap-
ital stock, and tax revenues expected to result 
from enactment of the proposal; 
‘‘(B) an estimate of revenue feedback ex-
pected to result from enactment of the proposal; 
and 
‘‘(C) a statement identifying the critical 
assumptions and the source of data underlying 
that estimate; 
‘‘(2) the term ‘major bill or resolution’ means 
any bill or resolution if the gross budgetary effects 
of such bill or resolution for any fiscal year in the 
period for which an estimate is prepared under sec-
tion 402 is estimated to be greater than .25 percent 
of the current projected gross domestic product of 
the United States for any such fiscal year; 
‘‘(3) the term ‘budgetary effect’, when applied 
to a major bill or resolution, means the changes in 
revenues, outlays, deficits, and debt resulting from 
that measure; and 
‘‘(4) the term ‘revenue feedback’ means changes 
in revenue resulting from changes in economic 
growth as the result of the enactment of any major 
bill or resolution.’’. 
(b) CONFORMING AMENDMENT.—The table of con-
tents set forth in section 1(b) of the Congressional Budget
Act of 1974 is amended by inserting after the item relat-
ing to section 406 the following new item: 
‘‘Sec. 407. Macroeconomic impact analysis of major legislation.’’. 
SEC. 3. ADDITIONAL CBO REPORT TO BUDGET COMMIT-
TEES. 
Section 202(e) of the Congressional Budget Act of 
1974 is amended by adding at the end the following new 
paragraphs: 
‘‘(4)(A) After the President’s budget submis-
sion under section 1105(a) of title 31, United States 
Code, in addition to the baseline projections, the Di-
rector shall submit to the Committees on the Budget 
of the House of Representatives and the Senate a 
supplemental projection assuming extension of cur-
rent tax policy for the fiscal year commencing on 
October 1 of that year with a supplemental projec-
tion for the 10 fiscal-year period beginning with that 
fiscal year, assuming the extension of current tax 
policy. 
‘‘(B) For the purposes of this paragraph, the 
term ‘current tax policy’ means the tax policy in 
statute as of December 31 of the current year as-
suming— 
‘‘(i) the budgetary effects of measures ex-
tending the Economic Growth and Tax Relief 
Reconciliation Act of 2001;
‘‘(ii) the budgetary effects of measures ex-
tending the Jobs and Growth Tax Relief Rec-
onciliation Act of 2003; 
‘‘(iii) the continued application of the alter-
native minimum tax as in effect for taxable 
years beginning in 2011 pursuant to title II of 
the Tax Relief, Unemployment Insurance Reau-
thorization, and Job Creation Act of 2010, as-
suming that for taxable years beginning after 
2011 the exemption amount shall equal— 
‘‘(I) the exemption amount for taxable 
years beginning in 2011, as indexed for in-
flation; or 
‘‘(II) if a subsequent law modifies the 
exemption amount for later taxable years, 
the modified exemption amount, as indexed 
for inflation; and 
‘‘(iv) the budgetary effects of extending the 
estate, gift, and generation-skipping transfer 
tax provisions of title III of the Tax Relief, Un-
employment Insurance Reauthorization, and 
Job Creation Act of 2010. 
‘‘(5) On or before July 1 of each year, the Di-
rector shall submit to the Committees on the Budget 
of the House of Representatives and the Senate, the