House Votes to Fix the Broken Budget ProcessPosted by Randy | February 07, 2012
People frequently ask me what initial steps we can take to turn our nation’s fiscal course. My answer: fix the broken budget process.
The Pro-Growth Budgeting Act that the House of Representatives passed last week – with my support – is an important step in that direction. Currently, the economic model the Congressional Budget Office uses to score legislative proposals assumes current law will remain unchanged over the course of the fiscal period scored and does not take economic growth into account. The Pro-Growth Budgeting Act would require the Congressional Budget Office to complete a supplemental macroeconomic analysis for legislation with an estimated budgetary impact of 0.25 percent of gross domestic product (approximately $39 billion in 2012) and greater. This will help account for important fiscal factors of proposals such as reducing the deficit, paying down the debt, and keeping tax rates low.
Most importantly, the legislation would force lawmakers to see beyond Washington’s bottom line and look at how their actions may directly affect the real economy and the lives of the American people when it comes to economic growth and job creation.
The Budget Act of 1974 created the current congressional budget process, under which Congress each year is supposed to develop a budget resolution that sets revenue and spending targets for the next fiscal year. Last year represented the sixth time since 1998, and the third time in the past six years, that Congress was unable to reach agreement on a budget.
It’s time to restore accountability, responsibility, and honesty to the budget process.
Read more about the legislation here.
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