The potential impact of HB 991 on state laws is tied to federal budgeting practices, as clearer estimates regarding public debt servicing costs could influence state-level fiscal policies. With this bill, there's a broader objective to enhance transparency in the budgeting process, which can encourage responsible management of funds at the state level. Additionally, including servicing costs in estimates may lead to more informed decision-making regarding expenditures and the allocation of resources, ultimately affecting how states plan their budgets in relation to federal mandates.
Summary
House Bill 991, known as the Cost Estimates Improvement Act, seeks to amend the Congressional Budget Act of 1974. The main objective of this legislation is to ensure that any cost estimates produced by the Congressional Budget Office (CBO) or the Joint Committee on Taxation (JCT) include the costs associated with servicing the public debt. By incorporating these costs into the estimates, the bill aims to provide lawmakers with a more comprehensive view of fiscal responsibilities and implications related to government borrowing.
Contention
While the bill seems to have a straightforward intent, discussions around HB 991 may reveal points of contention regarding its implications for budgetary constraints and fiscal policy. Some legislators could argue that including public debt servicing costs in estimates may limit budgetary flexibility or could be seen as a tool for promoting austerity measures. Conversely, proponents of the bill may contend that such transparency is essential for fostering accountability and ensuring that financial decisions are made with a full understanding of their long-term implications.
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.
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.
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.
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.