WASHINGTON – Earlier today, the U.S. House of Representatives passed H.R. 3582, the Pro-Growth Budgeting Act. Authored by Congressman Tom Price (R-GA), the Pro-Growth Budgeting Act requires the Congressional Budget Office (CBO) to provide lawmakers with a macroeconomic analysis of the economic impact of major legislation before Congress.
Following passage of H.R. 3582, House Budget Committee Chairman Paul Ryan issued the following statement:
“Hardworking taxpayers across America are demanding, as they should, more transparency, accountability, and restraint in how Washington is spending their money. The Pro-Growth Budgeting Act enables lawmakers to proceed with a greater degree of caution when considering major legislation, because it enhances the toolkit that the CBO uses to analyze legislation. I commend Congressman Tom Price for his strong leadership in advancing this important piece of legislation.
“With a $15 trillion national debt and a lagging economy, it is more important than ever that Washington policymakers be made aware of the negative and positive growth impacts that major legislation will have on the economy. This budget process reform is an important step toward ending Washington’s bias towards ever-higher spending. The House Budget Committee will prepare, as required by law, a budget this spring that fights the status quo of Washington’s broken budget process and its refusal to deal with the long-term drivers of our debt. We will continue to provide bold solutions that bring our budget into balance and get America’s economy back on track.”
To learn more about the Pro-Growth Budgeting Act, and the House Budget Committee’s continued effort to reform the broken budget process, click here.