section 402, all such information so submitted shall be in-
cluded 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, and 
labor supply. The analysis shall also describe the potential 
fiscal effects of the bill or resolution, including any esti-
mates of revenue increases or decreases resulting from 
changes in gross domestic product. To the extent prac-
ticable, the analysis should use a variety of economic models 
in order to reflect the full range of possible economic out-
comes resulting from the bill or resolution. The analysis (or 
a technical appendix to the analysis) shall specify the eco-
nomic and econometric models used, sources of data, rel-
evant data transformations, and shall include such expla-
nation as is necessary to make the models comprehensible 
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 economic 
output, employment, capital stock, and tax reve-
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nues 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 as-
sumptions 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 pe-
riod for which an estimate is prepared under section 
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 reve-
nues, 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 res-
olution.’’. 
(b) CONFORMING AMENDMENT.—The table of contents 
set forth in section 1(b) of the Congressional Budget Act 
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of 1974 is amended by inserting after the item relating 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 para-
graphs: 
‘‘(4)(A) After the President’s budget submission 
under section 1105(a) of title 31, United States Code, 
in addition to the baseline projections, the Director 
shall submit to the Committees on the Budget of the 
House of Representatives and the Senate a supple-
mental projection assuming extension of current tax 
policy for the fiscal year commencing on October 1 of 
that year with a supplemental projection for the 10 
fiscal-year period beginning with that fiscal year, as-
suming the extension of current tax policy. 
‘‘(B) For the purposes of this paragraph, the 
term ‘current tax policy’ means the tax policy in stat-
ute as of December 31 of the current year assuming— 
‘‘(i) the budgetary effects of measures ex-
tending the Economic Growth and Tax Relief 
Reconciliation Act of 2001; 
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