Honest Scoring Act of 2015

Bill: 114-s-749
Sponsor: full_name: Sen. Portman, Rob [R-OH]
Introduced: 2015-03-17
Policy area: Economics and Public Finance
Subjects: Budget process

Congressional oversight

Economic performance and conditions

Legislative rules and procedure

Senate
Latest action: action_date: 2015-03-17
text: Read twice and referred to the Committee on the Budget.

Summaries:
action_date: 2015-03-17
action_desc: Introduced in Senate
text: <p><b>The Honest Scoring Act of 2015</b> </p> <p>This bill requires the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) to provide estimates of the macroeconomic effects of major legislation. These estimates are frequently referred to as dynamic scoring and include estimates of the budgetary effects from changes in economic output, employment, capital stock, interest rates, and other macroeconomic variables resulting from the legislation. </p> <p>The CBO and the JCT must provide the estimates for legislation that has a budgetary effect exceeding $15 billion in any fiscal year before incorporating macroeconomic effects, or is designated as major legislation by either the Chairman of the House Budget Committee or the Chairman of the Senate Budget Committee. The CBO and the JCT must also continue to provide estimates of budgetary effects without macroeconomic effects. </p>

tv_txt: II 114th CONGRESS 1st Session S. 749 IN THE SENATE OF THE UNITED STATES March 17, 2015 Mr. Portman introduced the following bill; which was read twice and referred to the Committee on the Budget A BILL To require dynamic scoring of major legislation.

1. Short title This Act may be cited as the The Honest Scoring Act of 2015 . 2. Honest accounting estimates (a) Definitions In this section: (1) Budget The term budget means— (A) a concurrent resolution on the budget; or (B) a written statement submitted for printing in the Congressional Record by the Chairman of the Committee on the Budget of the Senate that establishes allocations, aggregates, and levels for purposes of enforcing the Congressional Budget Act of 1974. (2) Budgetary effects The term budgetary effects means changes in outlays or revenues. (3) Major legislation (A) Definition The term major legislation means any bill, resolution, conference report, or treaty— (i) for which an estimate is prepared under section 402 of the Congressional Budget Act of 1974 ( 2 U.S.C. 653 ) that indicates that not less than 1 of the amounts described in subparagraph (B), before incorporating macroeconomic effects, is greater than $15,000,000,000 in any fiscal year of the estimate; or (ii) designated as major legislation by the Chairman of the Committee on the Budget of the Senate or the Chairman of the Committee of the Budget of the House of Representatives. (B) Amounts The amounts described in this subparagraph are— (i) the sum of the individual positive changes in budgetary effects, not including timing shifts, resulting from such measure; and (ii) the sum of the absolute value of the individual negative budgetary effects, not including timing shifts, resulting from such measure. (4) Timing shifts The term timing shifts means— (A) a delay of the date on which outlays flowing from direct spending would otherwise occur from one fiscal year to the next fiscal year; or (B) an acceleration of the date on which revenues would otherwise occur from one fiscal year to the next fiscal year. (b) Requirement for CBO estimates An estimate provided by the Congressional Budget Office under section 402 of the Congressional Budget Act of 1974 ( 2 U.S.C. 653 ) for any major legislation shall include— (1) an estimate of budgetary effects without macroeconomic effects; (2) an estimate of the budgetary effects from changes in economic output, employment, capital stock, interest rates, and other macroeconomic variables resulting from the major legislation, which shall delineate between revenue and outlay effects; and (3) a total estimate of the budgetary effects incorporating the macroeconomic budgetary effects. (c) Requirement for JCT estimates An estimate provided by the Joint Committee on Taxation to the Director of the Congressional Budget Office under section 201(f) of the Congressional Budget Act of 1974 ( 2 U.S.C. 601(f) ) for any major legislation shall include— (1) an estimate of budgetary effects without macroeconomic effects; (2) an estimate of the budgetary effects from changes in economic output, employment, capital stock, interest rates, and other macroeconomic variables resulting from the major legislation, which shall delineate between revenue and outlay effects; and (3) a total estimate of the budgetary effects incorporating the macroeconomic budgetary effects. (d) Contents of estimates An estimate required to be provided under subsection (b) or (c) shall include— (1) a qualitative assessment of the budgetary effects (including macroeconomic variables described in subsections (b) and (c)) of the major legislation in the 20-fiscal year period beginning after the last fiscal year of the most recently adopted budget that sets forth appropriate levels required under section 301 of the Congressional Budget Act of 1974 ( 2 U.S.C. 632 ); and (2) an identification of the assumptions and the source of data underlying the estimate.