On the recordFebruary 2, 2012
I thank the gentleman. Mr. Chairman, although the Obama administration may tout signs that the economy is improving, we are still way below past economic recoveries. The reality is the economy is growing too slowly and not creating enough jobs. Economists agree that legislation considered by Congress can have significant impacts on economic growth, both positive and negative. In fact, the Congressional Budget Office reported this week that we are on track to have our fourth $1 trillion deficit in a row, despite President Obama's earlier campaign promise to cut the deficit in half by the end of his first term. At such a critical time, we should ensure that all lawmakers have as much information as possible about the effects of proposed legislation on economic growth and job creation. The Pro-Growth Budgeting Act of 2012 would require CBO to provide lawmakers with a macroeconomic impact analysis for all major legislation reported by a House or Senate committee. The economic analysis would describe the potential economic impact of all major bills or major economic variables, including real gross domestic product, business investment, capital stock, employment, and labor. It would also describe the potential fiscal impacts of the bill, including any estimates of revenue increases or decreases resulting from changes in gross domestic product.…
