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HR 1874 - Pro-Growth Budgeting Act of 2014 - National Key Vote

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Title: Pro-Growth Budgeting Act of 2014

Vote Smart's Synopsis:

Vote to pass a bill that requires the Congressional Budget Office to provide an economic impact analysis of each "major bill or resolution" that is reported by a congressional committee.

Highlights:

  • Requires the Congressional Budget Office to prepare a “macroeconomic impact analysis” of the budgetary effects for each “major bill or resolution” reported by a committee of the House or Senate for each of the next 4 10-year fiscal periods beginning with the first fiscal year for which an estimate was prepared (Sec. 407).
  • Requires the “macroeconomic impact analysis” to describe the potential fiscal effects of the bill or resolution, including any estimates of revenue increases or decreases resulting from changes in gross domestic product (Sec. 407).
  • Defines “macroeconomic impact analysis” as (Sec. 407):
    • An estimate of the changes in economic output, employment, interest rates, capital stock, and tax revenues expected to result from enactment of the proposal;
    • An estimate of revenue effects expected to result from enactment of the proposal; and
    • A statement identifying the critical assumptions and the source of data underlying that estimate.
  • Defines “major bill or resolution” as any bill or resolution if the gross budgetary for any fiscal year in the period for which an estimate is prepared is estimated to be greater than .25 percent of the current projected gross domestic product of the United States for any such fiscal year (Sec. 407).
  • Exempts bills introduced by the Appropriations Committee in each chamber from the provisions of this bill (Sec. 407).
  • Requires the macroeconomic impact analysis to rely on the macroeconomic analysis prepared by the Joint Committee on Taxation (Sec. 407).
  • Requires the Congressional Budget Office to report on the accuracy of the original macroeconomic impact analysis of an enacted bill or joint resolution upon completion of the fifth fiscal year after the date of enactment and submit the report to the Committees on the Budget of the House and Senate (Sec. 407).

Full Bill Text

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