Congressman Tom Price, M.D. (GA-06), vice chairman of the House Committee on the Budget, issued the following statement after the House Budget Committee voted to favorably report the Pro-Growth Budgeting Act (H.R. 1874) out of committee. This legislation would require the Congressional Budget Office (CBO) to provide a dynamic analysis of the macroeconomic impact of legislation that is estimated to have a budgetary impact of more than 0.25 percent of the Gross Domestic Product (GDP). This analysis would come in an addition to the traditional CBO scoring.
"Restoring fiscal sanity in Washington will require not just the willingness to make tough decisions but a dynamic understanding and appreciation of how different policies impact economic behavior," said Congressman Price. "Under current law, the static analysis provided by the CBO paints an incomplete picture which has, at times, proven to be inaccurate. When the budget process is incapable of providing complete or accurate information, the prospects of securing a long-term solution to the nation's fiscal crisis are greatly diminished.
"At the House Budget Committee, we are committed to fixing a broken budget process which must include providing Congress with the analysis and tools necessary to make informed decisions about the real world impact of actions in Washington. The Pro-Growth Budgeting Act will help ensure policymakers are pursuing solutions that tackle our debt challenges and do so in a manner consistent with greater economic growth, job creation, and investment in the nation's entrepreneurial spirit."