Cost Estimates Improvement Act

Hozzl · 2023-12-15T15:53:33Z

Explore the details of House Bill 311 Cost Estimates Improvement Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Economics and Public Finance. Stay informed on legislative developments.

12/15/2023, 3:53 PM

Summary of Bill HR 311

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.

Congressional Summary of HR 311

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.

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Current Status of Bill HR 311

Bill HR 311 is currently in the status of Bill Introduced since January 12, 2023. Bill HR 311 was introduced during Congress 118 and was introduced to the House on January 12, 2023. Bill HR 311's most recent activity was Referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of January 12, 2023

Bipartisan Support of Bill HR 311

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Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 311

Primary Policy Focus

Economics and Public Finance

Potential Impact Areas

- Budget deficits and national debt

- Budget process

Alternate Title(s) of Bill HR 311

Cost Estimates Improvement Act

To amend the Congressional Budget Act of 1974 to provide that any estimate prepared by the Congressional Budget Office or the Joint Committee on Taxation shall include costs relating to servicing the public debt, and for other purposes.