Pro-Growth Budgeting Act
This bill requires the Congressional Budget Office and the Joint Committee on Taxation to incorporate a macroeconomic impact analysis in their cost estimates for major legislation.
The macroeconomic impact analysis (commonly referred to as dynamic scoring) must include the budgetary effects of changes in economic output, employment, capital stock, tax revenues, the sources of financing new outlays, the total debt of the federal government, international trade, international capital flows, and other macroeconomic variables resulting from the legislation.
To amend the Congressional Budget and Impoundment Control Act of 1974 
   to provide for cost estimates of major legislation, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pro-Growth Budgeting Act''.

SEC. 2. ESTIMATES OF MAJOR LEGISLATION.

    (a) Sense of Congress.--It is the sense of Congress that increasing 
the debt of the Federal Government is a drag on economic output over 
the long run, and that transparency with regard to the methodology and 
assumptions made by the Congressional Budget Office and the Joint 
Committee on Taxation in providing estimates for spending and revenue 
legislation will always benefit the taxpayers whose monies Congress is 
entrusted.
    (b) Estimates of Major Legislation.--Part A of the Congressional 
Budget and Impoundment Control Act 1974 is amended by adding at the end 
the following new section:

                    ``estimates of major legislation

    ``Sec. 407.  (a) CBO Cost Estimates.--An estimate provided by the 
Congressional Budget Office under section 402 for any major legislation 
shall, to the extent practicable, incorporate the budgetary effects of 
changes in economic output, employment, capital stock, tax revenues, 
the sources of financing new outlays, the total debt of the Federal 
Government, international trade, international capital flows, and other 
macroeconomic variables resulting from such legislation.
    ``(b) JCT Cost Estimates.--An estimate provided by the Joint 
Committee on Taxation to the Director of the Congressional Budget 
Office under section 201(f) for any major legislation shall, to the 
extent practicable, incorporate the budgetary effects of changes in 
economic output, employment, capital stock, tax revenues, the sources 
of financing new outlays, the total debt of the Federal Government, 
international trade, international capital flows, and other 
macroeconomic variables resulting from such legislation.
    ``(c) Content of Estimates.--An estimate referred to in this 
section shall, to the extent practicable, include--
            ``(1) a qualitative assessment of the budgetary effects 
        (including macroeconomic variables described in subsections (a) 
        and (b)) of such legislation in the 20-fiscal year period 
        beginning after the last fiscal year of the most recently 
        agreed to concurrent resolution on the budget that set forth 
        appropriate levels required by section 301; and
            ``(2) an identification of the critical assumptions and the 
        source of data underlying that estimate.
    ``(d) Definitions.--In this section--
            ``(1) the term `major legislation' means any bill or joint 
        resolution--
                    ``(A) for which an estimate is required to be 
                prepared pursuant to section 402 and that causes a 
                gross budgetary effect (before incorporating 
                macroeconomic effects) in any fiscal year over the 
                years of the most recently agreed to concurrent 
                resolution on the budget equal to or greater than 0.25 
                percent of the current projected gross domestic product 
                of the United States for that fiscal year; or
                    ``(B) designated as such by the chair or ranking 
                member of the Committee on the Budget for all direct 
                spending legislation other than revenue legislation or 
                the Member who is chair or vice chair, as applicable, 
                of the Joint Committee on Taxation for revenue 
                legislation; and
            ``(2) the term `budgetary effects' means changes in 
        revenues, outlays, and deficits.''.
    (c) Clerical Amendment.--The table of contents set forth in section 
1(b) of the Congressional Budget and Impoundment Control Act of 1974 (2 
U.S.C. 621 note) is amended by inserting after the item relating to 
section 406 the following new item:

``407. Estimates of major legislation.''.
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Pro-Growth Budgeting Act
To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for cost estimates of major legislation, and for other purposes.
Pro-Growth Budgeting Act
Rep. Hern, Kevin