BASIC Act

Bill: 116-s-2435
Sponsor: full_name: Sen. Daines, Steve [R-MT]
Introduced: 2019-08-01
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Budget process
Latest action: action_date: 2019-08-01
text: Read twice and referred to the Committee on the Budget. (Sponsor introductory remarks on measure: CR S5315)

Summaries:
action_date: 2019-08-01
action_desc: Introduced in Senate
text: <p><b>Budgetary Accuracy in Scoring Interest Costs Act of 2019 or the BASIC Act</b></p> <p>This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include the costs of servicing the public debt. </p>

tv_txt: II 116th CONGRESS 1st Session S. 2435 IN THE SENATE OF THE UNITED STATES August 1, 2019 Mr. Daines (for himself, Mr. Paul , and Mr. Perdue ) introduced the following bill; which was read twice and referred to the Committee on the Budget 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 2019 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. .