CBO Scoring Accountability Act
CBO Scoring Accountability Act
Plain Language Summary
# CBO Scoring Accountability Act Summary **What It Does:** This bill would require the Congressional Budget Office (CBO)—the agency that estimates how much legislation will cost—to publish annual public reports for 10 years after major laws are passed. These reports would show how accurate the original cost estimates were and what actually happened when the law took effect. The bill focuses on "major" legislation, defined as bills projected to affect federal spending or revenue by at least 0.25% of the nation's total economic output. **Who It Affects:** Congress and the general public would be the main beneficiaries.
Lawmakers would receive more detailed information about whether previous cost estimates were accurate, which could inform future decisions. Citizens would have access to the same public reports, allowing for greater transparency about whether major laws cost what was originally predicted. **Key Provision:** The main requirement is that CBO must annually compare what was originally predicted versus what actually occurred, updating estimates as needed and publishing these findings publicly for a decade after a major law passes. **Status:** The bill is currently in committee and has not yet been voted on by the full House of Representatives.
CRS Official Summary
CBO Scoring Accountability ActThis bill requires the Congressional Budget Office (CBO) to provide additional cost estimates and reports regarding major legislation that has been enacted into law.Under the bill, major legislation is any bill or joint resolution that would be projected to result in outlays of mandatory spending or receipts of federal revenue equal to or greater than 0.25% of the current projected gross domestic product of the United States for that year.For the first 10 years after major legislation has been enacted into law, the bill requires CBO to annually prepare and make publicly available an analysis of the results of carrying out the provisions of the legislation. The analysis must includean estimate of the costs and the change in federal revenue as a result of the legislation,a comparison of the current and previous estimates of the costs and change in revenue, andany applicable updates to the estimates.The bill also requires CBO to submit reports to Congress that explain any discrepancy between the actual and estimated costs and change in revenue that is greater than or equal to 10%.
Latest Action
Referred to the House Committee on the Budget.