Pro-Growth Budgeting Act of 2012
Floor Speech
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Mr. WOODALL. Mr. Chairman, I very much thank my friend from Georgia for yielding. I just want to tell him how proud I am of him for bringing this legislation forward. I know he doesn't need my accolades; but this is the kind of commonsense material that I ran on and that, as a freshman in this body, makes me proud to be able to vote on.
I brought a copy of the legislation with me, Mr. Chairman. I think if you ask folks across the country, they sometimes wonder whether or not we read this legislation.
If folks go to www.thomas.gov, they can actually read the legislation themselves, Mr. Chairman. These things that we're arguing about, they wonder what the truth is. It's only five pages long in its substance.
Let me tell you what it says, Mr. Chairman, if you haven't seen it: The analysis prepared shall describe the potential economic impact of the applicable major bill of resolution on major economic variables, including real GDP, business investment, capital stock, employment, and labor supply.
The analysis shall also talk about revenue increases or decreases that result. The analysis should also specify which models were used, what your sources of data were, and shall provide an explanation as necessary to make the models comprehensible to the public.
Mr. Chairman, this bill provides one more tool that the American people and this Congress can use to evaluate the very important legislation that is considered here on this floor.
I hope you will ask your constituents, Mr. Chairman, why is it that folks would oppose giving the American people these answers. You heard me read the bill. All this bill does is provide that information.
I will say to the sponsor of this legislation that information has been missing for far, far too long. I plan to lend my strong support to this legislation. I thank the gentleman for the time and for his courage in bringing this bill forward.
Mr. VAN HOLLEN. Mr. Chairman, the gentleman's mistaken. I mean, we do get analyses now with respect to the economic impact. There's a provision in the House rules that I referenced earlier that asked for that, and in fact, Joint Tax has done exactly that. The figures I was reading with respect to the negative impact on growth in the out-years were from a dynamic analysis the Joint Tax Committee has done pursuant to House rules.
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