Increasing Baseline Updates Act
Summary
The "Increasing Baseline Updates Act" (H.R. 6470) aims to amend the Congressional Budget and Impoundment Control Act of 1974. It mandates the Congressional Budget Office (CBO) to provide at least two updates to its baseline reports annually, including economic data. The bill also requires the President to submit annual technical budget data to Congress by February 1st, including up-to-date estimates and credit reestimates.
Expected Effects
This bill would increase the frequency of budget baseline updates from the CBO, providing Congress with more timely economic data. It would also standardize the submission of technical budget data from the President to Congress. This could lead to more informed budget debates and potentially more accurate fiscal planning.
Potential Benefits
- More frequent CBO baseline updates could lead to more informed congressional budget debates.
- Standardized presidential budget data submissions could improve transparency and accountability.
- Enhanced data availability may lead to more accurate economic forecasting.
- Improved fiscal planning could result in more efficient allocation of resources.
- Increased transparency could foster greater public trust in the budget process.
Most Benefited Areas:
Potential Disadvantages
- Increased reporting requirements for the CBO could strain its resources.
- The bill does not specify the level of detail required in the presidential budget data submission, potentially limiting its usefulness.
- More frequent baseline updates could lead to increased political pressure on the CBO.
- The bill's effectiveness depends on the quality and accuracy of the data provided.
- There is no guarantee that increased data availability will lead to better budget outcomes.
Constitutional Alignment
The bill aligns with Article I, Section 9, Clause 7 of the Constitution, which states that "No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time." By increasing the frequency and transparency of budget updates, the bill supports Congress's power of the purse and promotes accountability in government spending. The bill does not appear to infringe upon any other constitutional provisions.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).