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 Com-
mittee 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 jurisdic-
tion of the committee concerned 
A BILL 
To require the use of macroeconomic analysis in estimating 
the budgetary effects of major revenue 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 ‘‘Accurate Budgeting 
Act’’. 
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SEC. 2. MACROECONOMIC IMPACT ANALYSES FOR MAJOR 
REVENUE LEGISLATION. 
(a) DEFINITIONS.—Section 3 of the Congressional 
Budget Act of 1974 (2 U.S.C. 622) is amended by adding 
at the end the following: 
‘‘(12)(A) The term ‘macroeconomic impact 
analysis’ means— 
‘‘(i) an estimate of the changes in eco-
nomic output, employment, interest rates, cap-
ital stock, and tax revenues expected to result 
from the revenue provisions in a major revenue 
bill or resolution; 
‘‘(ii) an estimate of revenue feedback ex-
pected to result from those revenue provisions; 
and 
‘‘(iii) a statement identifying the critical 
assumptions and the source of data underlying 
that estimate, to the extent necessary to make 
the models comprehensible to academic and 
public policy analysts. 
‘‘(B) The term ‘major revenue bill or resolution’ 
means a bill, resolution, conference report, or 
amendment between the Houses for which— 
‘‘(i) either— 
‘‘(I) the sum of the positive changes 
in revenues resulting from such measure 
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(not including the impact of any timing 
shifts for the due date for estimated cor-
porate income tax payments) for any fiscal 
year in the period for which an estimate is 
prepared under section 201(f); or 
‘‘(II) the absolute value of the sum of 
the negative changes in revenues resulting 
from such measure (not including the im-
pact of any timing shifts for the due date 
for estimated corporate income tax pay-
ments) for any fiscal year for which such 
an estimate is prepared, 
is greater than 
‘‘(ii) 0.25 percent of the current projected 
gross domestic product of the United States (as 
determined by the Bureau of Economic Anal-
ysis of the Department of Commerce) for such 
fiscal year. 
‘‘(C) The term ‘revenue feedback’ means 
changes in revenue resulting from changes in eco-
nomic growth as the result of the enactment of any 
major revenue bill or resolution.’’. 
(b) MACROECONOMIC IMPACT ANALYSIS OF MAJOR 
REVENUE LEGISLATION.— 
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(1) IN GENERAL.—Section 201(f) of the Con-
gressional Budget Act of 1974 (2 U.S.C. 601(f)) is 
amended— 
(A) by striking ‘‘For the purposes’’ and in-
serting the following: 
‘‘(1) For the purposes’’; and 
(B) by adding at the end the following: 
‘‘(2) To the extent practicable, a revenue estimate 
prepared by the Joint Committee on Taxation for a major 
revenue bill or resolution shall incorporate a macro-
economic impact analysis of the budgetary effects of the 
major revenue bill or resolution.’’. 
(2) PAYGO.—Section 3(4) of the Statutory 
Pay-As-You-Go Act of 2010 (2 U.S.C. 932(4)) is 
amended by adding at the end the following: 
‘‘(D)(i) In this subparagraph, the terms ‘macro-
economic impact analysis’ and ‘major revenue bill or 
resolution’ have the meanings given such terms in 
section 3 of the Congressional Budget Act of 1974 
(2 U.S.C. 622). 
‘‘(ii) To the extent practicable, an estimate of 
the budgetary effects of a major revenue bill or reso-
lution prepared for purposes of this Act shall incor-
porate a macroeconomic impact analysis of the 
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budgetary effects of the major revenue bill or resolu-
tion.’’. 
Æ 
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