This bill adds a new section to the Congressional Budget and Impoundment Control Act of 1974. It requires the Director of the Congressional Budget Office (CBO) to prepare and publish an analysis each year for the first 10 years after any major legislation is enacted. The analysis must: (1) estimate the costs and any changes in federal revenue caused by the legislation; (2) compare those results to the prior estimates for that legislation; and (3) update the estimates as needed. If any provision shows a 10 percent or greater difference between actual results and prior estimates for costs or revenue, the Director must submit a report to Congress explaining the cause of the discrepancy. Federal departments and agencies must provide the CBO with requested information and assistance. The bill defines “major legislation” as any bill or joint resolution projected to change mandatory outlays or federal receipts by at least 0.25 percent of current projected GDP for that year.
The CBO must publish yearly, public updates on costs and revenue effects for qualifying large laws for up to 10 years after enactment. Congress will get explanations when updated results differ from earlier estimates by 10 percent or more. Federal agencies are required to help the CBO provide these updates. This creates more public, time‑series information about how large laws affect spending and revenue.
No publicly available information on implementation costs or budget effects is provided in the bill text.
No publicly available information.
No publicly available information.