Pro-Growth Budgeting Act of 2012

Bill: 112-hr-3582
Sponsor: Rep. Price, Tom [R-GA-6]
Introduced: 2011-12-07 in the House
Policy area: Economics and Public Finance
Subjects: Budget process
Congressional oversight
Economic performance and conditions
Economic theory
Government studies and investigations
Legislative rules and procedure

Summary:
action_date: 2011-12-07
text: 
Pro-Growth Budgeting Act of 2011 - Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committees), as a supplement to CBO cost estimates, a macroeconomic impact analysis of the costs of such legislation for: (1) the period for which the cost estimate is prepared, and (2) the 10-fiscal year period beginning with the first fiscal year after the last fiscal year for which such estimate was prepared and each of the 2 next 10-fiscal year periods.
 
Defines &quot;major bill or resolution&quot; as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. gross domestic product (GDP) for that fiscal year.
 
Requires the analysis to describe: (1) the potential economic impact of the bill or resolution on major economic variables, including real GDP, business investment, the capital stock, employment, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.

action_date: 2012-01-30
text: 
Pro-Growth Budgeting Act of 2012 - (Sec. 2) Amends the Congressional Budget Act of 1974 (CBA) to require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committees), as a supplement to CBO cost estimates, a macroeconomic impact analysis of the budgetary effects of such legislation for the 10-fiscal year period beginning with the first fiscal year for which such estimate was prepared and each of the next three 10-fiscal year periods.
 
Defines &quot;major bill or resolution&quot; as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. gross domestic product (GDP) for that fiscal year.
 
Requires the analysis to describe: (1) the potential economic impact of the bill or resolution on major economic variables, including real GDP, business investment, the capital stock, employment, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.
 
Requires the analysis (or a technical appendix to it) to specify the economic and econometric models used, sources of data, relevant data transformations, as well as any explanation necessary to make the models comprehensible to academic and public policy analysts. 
(Sec. 3) Amends CBA to require the CBO Director, after the President's budget submission and in addition to the baseline projections, to report a supplemental projection to the congressional budget committees, 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, again assuming the extension of current tax policy.
 
 Defines "current tax policy" as the tax policy in statute as of December 31 of the current year, assuming: (1) the budgetary effects of measures extending the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003; (2) the continued application of the alternative minimum tax (AMT) as in effect for taxable years beginning in 2011, with a specified assumption for taxable years beginning after 2011; and (3) the budgetary effects of extending the estate, gift, and generation-skipping transfer tax provisions of title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
 
Requires CBO to report to such committees, on or before July 1 of each year, the Long-Term Budget Outlook for: (1) the fiscal year commencing on October 1 of that year, and (2) at least the ensuing 40 fiscal years.

action_date: 2012-02-02
text: 
Pro-Growth Budgeting Act of 2012 - (Sec. 2) Amends the Congressional Budget Act of 1974 (CBA) to require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committees), as a supplement to CBO cost estimates, a macroeconomic impact analysis of the budgetary effects of such legislation for the 10-fiscal year period beginning with the first fiscal year for which such estimate was prepared and each of the next three 10-fiscal year periods.
 
Defines &quot;major bill or resolution&quot; as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. gross domestic product (GDP) for that fiscal year.
 
Requires the analysis to describe: (1) the potential economic impact of the bill or resolution on major economic variables, including real GDP, business investment, the capital stock, employment, interest rates, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.
 
Requires the analysis (or a technical appendix to it) to specify the economic and econometric models used, sources of data, relevant data transformations, as well as any explanation necessary to make the models comprehensible to academic and public policy analysts. 
(Sec. 3) Amends CBA to require the CBO Director, after the President's budget submission and in addition to the baseline projections, to report a supplemental projection to the congressional budget committees, 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, again assuming the extension of current tax policy.
 
 Defines "current tax policy" as the tax policy in statute as of December 31 of the current year, assuming: (1) the budgetary effects of measures extending the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003; (2) the continued application of the alternative minimum tax (AMT) as in effect for taxable years beginning in 2011, with a specified assumption for taxable years beginning after 2011; and (3) the budgetary effects of extending the estate, gift, and generation-skipping transfer tax provisions of title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
 
Requires CBO to report to such committees, on or before July 1 of each year, the Long-Term Budget Outlook for: (1) the fiscal year commencing on October 1 of that year, and (2) at least the ensuing 40 fiscal years.


Legislative actions:
action_date: 2012-02-06
text: Received in the Senate and Read twice and referred to the Committee on the Budget.
action_date: 2012-02-02
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2012-02-02
text: On passage Passed by recorded vote: 242 - 179 (Roll no. 30).
action_date: 2012-02-02
text: Passed/agreed to in House: On passage Passed by recorded vote: 242 - 179 (Roll no. 30).
action_date: 2012-02-02
text: On motion to recommit with instructions Failed by recorded vote: 183 - 237 (Roll no. 29).
action_date: 2012-02-02
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H417)
action_date: 2012-02-02
text: DEBATE - The House proceeded with 10 minutes of debate on the Boswell motion to recommit. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a new subsection entitled "Impacts on Medicare Benefits, Beneficiaries, the Social Security and Medicare Trust Funds".
action_date: 2012-02-02
text: Mr. Boswell moved to recommit with instructions to the Budget Committee. (consideration: CR H417-418; text: CR H417)
action_date: 2012-02-02
text: The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H404-405)
action_date: 2012-02-02
text: The previous question was ordered without objection. (consideration: CR H417)
action_date: 2012-02-02
text: The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3582.
action_date: 2012-02-02
text: UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question on adoption of amendments which had been debated earlier and on which further proceedings had been postponed.
action_date: 2012-02-02
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Cicilline substitute amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Cicilline demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Cicilline Part B amendment No. 8.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Flake Part B amendment No. 7.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Quigley Part B amendment No. 6.
action_date: 2012-02-02
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Jackson Lee (TX) amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mrs. Jackson Lee (TX) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Jackson Lee Part B amendment No. 5.
action_date: 2012-02-02
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Fudge amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Fudge demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Fudge Part B amendment No. 4.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Walz Part B amendment No. 3.
action_date: 2012-02-02
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Connolly (VA) amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Connolly (VA) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Connolly (VA) Part B amendment No. 2.
action_date: 2012-02-02
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Peters amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Peters demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
action_date: 2012-02-02
text: DEBATE - Pursuant to the provisions of H. Res. 534, the Committee of the Whole proceeded with 10 minutes of debate on the Peters Part B amendment No. 1.
action_date: 2012-02-02
text: GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3582.
action_date: 2012-02-02
text: The Speaker designated the Honorable Robert J. Dold to act as Chairman of the Committee.
action_date: 2012-02-02
text: House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 534 and Rule XVIII.
action_date: 2012-02-02
text: Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The resolution provides for one hour of debate, each, on H.R. 3578 and H.R. 3582. All points of order against consideration of both H.R. 3578 and H.R. 3582 are waived. For H.R. 3578, the resolution makes in order the amendment printed in Part A of the report accompanying this resolution and for H.R.3582, the resolution makes in order the amendments printed in part B of the report accompanying this resolution.
action_date: 2012-02-02
text: Considered under the provisions of rule H. Res. 534. (consideration: CR H396-419)
action_date: 2012-02-02
text: Rule H. Res. 534 passed House.
action_date: 2012-02-01
text: Rules Committee Resolution H. Res. 534 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The resolution provides for one hour of debate, each, on H.R. 3578 and H.R. 3582. All points of order against consideration of both H.R. 3578 and H.R. 3582 are waived. For H.R. 3578, the resolution makes in order the amendment printed in Part A of the report accompanying this resolution and for H.R.3582, the resolution makes in order the amendments printed in part B of the report accompanying this resolution.
action_date: 2012-01-30
text: Placed on the Union Calendar, Calendar No. 258.
action_date: 2012-01-30
text: Committee on Rules discharged.
action_date: 2012-01-30
text: Committee on Rules discharged.
action_date: 2012-01-30
text: Reported (Amended) by the Committee on Budget. H. Rept. 112-377, Part I. Filed late, pursuant to previous special order.
action_date: 2012-01-30
text: Reported (Amended) by the Committee on Budget. H. Rept. 112-377, Part I. Filed late, pursuant to previous special order.
action_date: 2012-01-25
text: Mr. McHenry asked unanimous consent that the Committee on The Budget have until 3:00 p.m. on Jan. 30 to file a report on H.R. 3582. Agreed to without objection.
action_date: 2012-01-24
text: Committee Consideration and Mark-up Session Held.
action_date: 2011-12-07
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, 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.
action_date: 2011-12-07
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, 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.
action_date: 2011-12-07
text: Introduced in House
action_date: 2011-12-07
text: Introduced in House