BASIC Act

Bill: 115-hr-2125
Sponsor: full_name: Rep. Brat, Dave [R-VA-7]
Introduced: 2017-04-25
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Budget process
Latest action: action_date: 2017-04-25
text: Referred to the Committee on Rules, and in addition to the Committee on the Budget, 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.

Summaries:
action_date: 2017-04-25
action_desc: Introduced in House
text: <p><b>Budgetary Accuracy in Scoring Interest Costs Act of 2017 or the BASIC Act</b></p> <p>This bill amends the Congressional Budget and Impoundment Control Act of 1974 to require any cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include the cost of servicing the public debt. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 2125 IN THE HOUSE OF REPRESENTATIVES April 25, 2017 Mr. Brat introduced the following bill; which was referred to the Committee on Rules , and in addition to the Committee on the Budget , 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 A BILL To amend the Congressional Budget Act of 1974 to provide that any estimate prepared by the Congressional Budget Office or the Joint Committee on Taxation shall include costs relating to servicing the public debt, and for other purposes.

1. Short title This Act may be cited as the Budgetary Accuracy in Scoring Interest Costs Act of 2017 or the BASIC Act . 2. CBO and JCT estimates to include debt servicing costs (a) In general The Congressional Budget and Impoundment Control Act of 1974 ( 2 U.S.C. 621 et seq.) is amended by inserting after section 402 the following: 403. Estimates to include debt servicing costs Any estimate prepared by the Congressional Budget Office under section 402, and any estimate prepared by the Joint Committee on Taxation, shall include, to the extent practicable, the costs (if any) of servicing the public debt. . (b) Clerical amendment The table of contents of such Act is amended by inserting after the item relating to section 402 the following: 403. Estimates to include debt servicing costs. .