Congressman Tom Graves (R-GA-09) issued the following statement ahead of his vote today for H.R. 3582, the Pro-Growth Budgeting Act, of which he is also a co-sponsor. This legislation would require the Congressional Budget Office (CBO) to begin analyzing the long-term economic impact of major pieces of legislation which are estimated to have a budgetary impact of more than .25% of GDP. This analysis would give lawmakers a more complete assessment of the fiscal impact of legislation being considered by Congress.
He said, “When American families and businesses create a budget, they determine their spending levels based upon their net income after taxes. Common sense tells us that as their taxes go up, their ability to spend goes down, which ultimately impacts the economy. As easily understood as this concept is, CBO is not able to take this factor into account when scoring a piece of legislation’s impact on our economy, resulting in inaccuracies. When our key scorekeeper is unable to consider major economic variables, it makes it even harder for Congress to get the nation’s fiscal house in order.
“If we are to ensure the future prosperity of our great nation, Congress needs to have the best possible understanding of a bill’s affect on our economy. It is time we finally give CBO the tools it needs, and I believe the Pro-Growth Budgeting Act is an important step on our path to igniting our economy and creating more jobs in America.”