BASIC Act

Bill: 117-hr-8775
Sponsor: full_name: Rep. Meuser, Daniel [R-PA-9]
Introduced: 2022-09-06
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Budget process
Latest action: action_date: 2022-09-06
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: 2022-09-06
action_desc: Introduced in House
text: <p><b>Budgetary Accuracy in Scoring Interest Costs Act of 2022 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: I 117th CONGRESS 2d Session H. R. 8775 IN THE HOUSE OF REPRESENTATIVES September 6, 2022 Mr. Meuser (for himself and Mr. Case ) 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 2022 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. .