(Washington, DC – January 25, 2012) Representative Frank Guinta (R, NH-01) issued the following statement following passage of H.R. 3582, the Pro-Growth Budgeting Act, H.R. 3578, the Baseline Reform Act, and H.R. 3581 the Budget and Accounting Transparency Act out of the House Budget Committee yesterday, January 24, 2012. Rep. Guinta is a member of the House Budget Committee.
“There couldn’t be a clearer picture of Washington’s dysfunction than the way it budgets. Yesterday marked the 1,000th day since the Democratic-controlled Senate passed the most basic fiscal blueprint for our nation, a federal budget. So it was fitting we passed meaningful legislation in the House Budget Committee that would fundamentally change the way Washington does business on this unfortunate anniversary. The status quo is unacceptable, and all three of these bills will go a long way in fixing a broken process.”
Summary of the bills:
- H.R. 3582, the Pro–Growth Budgeting Act
o This bill would require that for major legislation, the Congressional Budget Office (CBO) must prepare an analysis of the effect that legislation could have on the U.S. economy. This analysis must include an estimate of the changes in economic output, employment, capital stock, and tax revenues resulting for the enactment of the proposal.
- H.R. 3578, the Baseline Reform Act
o This bill would tighten the rules the government currently follows when crafting a budget by removing the assumption that discretionary spending automatically increases with inflation on a yearly basis. With the current inflation assumption, budgetary baselines —against which new budget legislation is considered— build in automatic spending increases every year.
- H.R. 3581 the Budget and Accounting Transparency Act
o This bill increases transparency in federal budgeting by reforming the way certain costs are calculated and requiring that certain costs incurred by the Federal government are included in the budget.