Increasing Baseline Updates Act
Increasing Baseline Updates Act
Plain Language Summary
# Increasing Baseline Updates Act (HR 6470) - Plain Language Summary **What the bill would do:** This bill would require the Congressional Budget Office (CBO)—a nonpartisan agency that estimates how much the federal government will spend and collect in taxes each year—to provide Congress with at least two updated forecasts annually instead of just one. At least one of these updates would need to include the economic data behind the numbers. The bill also requires the President to submit technical budget information to Congress by February 1st each year. **Who it affects and why it matters:** This primarily affects Congress members, budget planners, and the public who rely on accurate federal spending forecasts.
Currently, the CBO only publishes one official baseline projection each February, with occasional summer updates depending on when the President submits his budget. The bill aims to provide more frequent and transparent information so Congress has better data throughout the year when making spending decisions. **Current status:** The bill is currently in committee and has not yet been voted on by the full House or Senate.
CRS Official Summary
Increasing Baseline Updates ActThis bill requires the Congressional Budget Office (CBO) to submit to Congress at least two updates to its annual baseline unless CBO is otherwise directed by the chairs of the congressional budget committees. At least one of the updates must include the economic data used by CBO to calculate the update.(A baseline is a projection of federal spending and receipts during a fiscal year under current law. Under current law, CBO is required to publish the baseline by February 15 of each year. While there is no statutory requirement for specific updates, CBO generally provides an update with its analysis of the President's annual budget request. It has also provided some updates during the summer, depending on the timing of the President's budget request.)The bill also requires the President to submit technical budget data to Congress on or before February 1 of each year to the extent this is practicable. Currently, federal agencies provide the data to Congress as part of the President's budget request.
Latest Action
Referred to the House Committee on the Budget.