Bill 119 hr 724, also known as the Transparency in Budgeting Act, aims to increase transparency in the budgeting process by requiring the Congressional Budget Office (CBO) to make public the fiscal and mathematical models, data, and other details of computations used in cost analysis and scoring.
The bill would require the CBO to provide detailed information on how they arrive at their cost estimates for proposed legislation. This would include making public the specific models and data sources used, as well as the assumptions and methodologies employed in their calculations.
Proponents of the bill argue that increased transparency in the budgeting process will help to ensure that lawmakers and the public have a better understanding of the potential costs and impacts of proposed legislation. By making the CBO's methods more transparent, it will also allow for greater scrutiny and accountability in the budgeting process.
Opponents of the bill may argue that making the CBO's methods public could potentially compromise the independence and objectivity of the agency. They may also argue that the additional transparency requirements could be burdensome and time-consuming for the CBO.
Overall, Bill 119 hr 724 seeks to promote greater transparency and accountability in the budgeting process by requiring the CBO to make publicly available the details of their cost analysis and scoring methods.