Us Congress 2023-2024 Regular Session

Us Congress House Bill HB311

Introduced
1/12/23  

Caption

Cost Estimates Improvement Act This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include (1) the cost of servicing the public debt; and (2) a list of any federal agencies, programs, and initiatives with fragmented, overlapping, or duplicative goals or activities covered by the legislation.

Impact

The passage of HB311 would signify an important shift in how fiscal analyses are conducted in Congress. The requirement to include debt servicing costs in estimates could lead to more informed decision-making by legislators, potentially resulting in more prudent fiscal policies. This is especially crucial in a context where the national debt is a significant concern, and understanding the long-term costs associated with proposed spending is imperative for managing economic stability.

Summary

House Bill 311, known as the Cost Estimates Improvement Act, is primarily aimed at enhancing the transparency and thoroughness of cost estimates provided by the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT). The bill mandates that these estimates include not only the direct costs related to proposed legislation but also the costs associated with servicing the public debt. By requiring such inclusions, the bill seeks to provide a more comprehensive financial picture when considering legislation and its potential impacts on national debt.

Contention

Although the bill is positioned as a means of improving accountability in government spending, it may face challenges from those who argue that the inclusion of debt servicing costs could complicate the legislative process or deter necessary spending on vital programs. Critics may contend that focusing on debt service could prevent lawmakers from adequately addressing pressing social issues that require funding, arguing for a more nuanced understanding of budget priorities.

Companion Bills

US HB8341

Related bill Cost Estimates Improvement Act

Previously Filed As

US HB362

Budgetary Accuracy in Scoring Interest Costs Act of 2023 or the BASIC Act 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.

US HB9777

To amend the Congressional Budget and Impoundment Control Act of 1974 to require any cost estimate for a bill or joint resolution prepared by the Congressional Budget Office to include the cost to each United States citizen for carrying out such measure, and for other purposes.

US HB438

True Cost Act This bill requires the President's annual budget submission to Congress to include estimates of the cost per individual taxpayer for (1) the public debt, and (2) any projected budget deficit for a fiscal year.

US HB261

Article I Regulatory Budget Act This bill requires the establishment of a federal regulatory budget to limit the costs of federal regulations. It also establishes requirements for disclosing the projected costs of federal regulations and procedures for enforcing the regulatory budget.

US SB5159

A bill to amend the Congressional Budget and Impoundment Control Act of 1974 to require any cost estimate for a bill or joint resolution prepared by the Congressional Budget Office to include the cost to each United States citizen for carrying out such measure, and for other purposes.

US HB8341

Cost Estimates Improvement Act

US HB991

Cost Estimates Improvement Act

US HB472

Fighting Post-Traumatic Stress Disorder Act of 2023 This bill requires the Office of Community Oriented Policing Services within the Department of Justice to report on one or more proposed programs to make treatment or preventative care available to public safety officers and public safety telecommunicators for job-related post-traumatic stress disorder or acute stress disorder. The report must also include draft legislative language related to each proposed program, as well as the estimated cost for administering each proposed program.

US HB262

All Economic Regulations are Transparent Act of 2023 or the ALERT Act of 2023 This bill establishes various reporting requirements with respect to federal agency rulemaking. Specifically, each agency must submit a monthly report to the Office of Information and Regulatory Affairs (OIRA) for each rule the agency expects to propose or finalize during the following year, including information about the objectives and legal basis for the rule as well as whether the rule is subject to periodic review based on its significant economic impact. Additionally, each agency must submit a monthly report for any rule expected to be finalized during the following year for which the agency has issued a general notice of proposed rulemaking, including an approximate schedule for completing action on the rule and an estimate of its cost and economic effects. OIRA must publish this information online and, subject to certain exceptions, a rule may not take effect until the information has been published for at least six months. The bill also requires OIRA to annually publish in the Federal Register specified information it receives from agencies under this bill, including a list of each rule an agency has proposed and the total cost of all rules proposed or finalized. OIRA must further publish online (1) any analysis of the costs or benefits of rules that were proposed or finalized during the previous year, and (2) a list of rules that were subjected to various forms of review during the previous year.

US HB2524

REPEAL CBO Requirements Act Replacing Exploitative Partisan Estimates with Alternatives by Liquidating Congressional Budget Office Requirements

Similar Bills

No similar bills found.