Cost Estimates Improvement Act

Cost Estimates Improvement Act

This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include (1) the cost of servicing the public debt; and (2) a list of any federal agencies, programs, and initiatives with fragmented, overlapping, or duplicative goals or activities covered by the legislation.

Bill 118 hr 311, also known as the Cost Estimates Improvement Act, aims to improve the accuracy and transparency of cost estimates for legislation proposed in the US Congress. The bill requires the Congressional Budget Office (CBO) to provide more detailed information on the methodology used to calculate cost estimates, including any assumptions made and data sources used.

Additionally, the bill requires the CBO to provide a range of potential costs for proposed legislation, rather than a single estimate. This will help lawmakers and the public better understand the potential financial impact of a bill and make more informed decisions.

Furthermore, the Cost Estimates Improvement Act requires the CBO to provide regular updates on cost estimates for legislation throughout the legislative process, rather than just at the beginning. This will help ensure that lawmakers have the most up-to-date information on the financial implications of proposed legislation. Overall, the Cost Estimates Improvement Act aims to increase transparency and accuracy in the cost estimation process for legislation in Congress, ultimately helping lawmakers make more informed decisions about the financial impact of proposed bills.