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H.R. 6470 · House bill · 119th Congress
This bill requires the Congressional Budget Office (CBO) to submit to Congress at least two updates to its annual baseline unless CBO is otherwise directed by the chairs of the congressional budget committees. At least one of the updates must include the economic data used by CBO to calculate the update.
(A baseline is a projection of federal spending and receipts during a fiscal year under current law. Under current law, CBO is required to publish the baseline by February 15 of each year. While there is no statutory requirement for specific updates, CBO generally provides an update with its analysis of the President's annual budget request. It has also provided some updates during the summer, depending on the timing of the President's budget request.)
The bill also requires the President to submit technical budget data to Congress on or before February 1 of each year to the extent this is practicable. Currently, federal agencies provide the data to Congress as part of the President's budget request.
This Act may be cited as the “Increasing Baseline Updates Act”.
Section 202(e) of the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 602(e)) is amended by adding at the end the following:
“(4)
(A) Unless directed otherwise by the chairs of the Committees on the Budget of the House of Representatives and the Senate, the Director shall, to the extent practicable, submit to such committees at least two updates to the report submitted under paragraph (1), at least one of which shall include economic data used by the Director to calculate such update.
(B) Nothing in this paragraph shall be construed to limit the Director from providing any other update to the baseline during such year.”.
Section 1106 of title 31, United States Code, is amended by adding at the end the following:
“(d) To the extent practicable, on or before February 1 of each calendar year, the President shall submit to Congress technical budget data for the fiscal year beginning in the ensuing calendar year, which shall include up-to-date estimates for current year and prior year data and credit reestimates for the current year (as included in the Federal credit supplement of such budget).”.