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H.R. 2125: BASIC Act

The text of the bill below is as of Apr 25, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 2125

IN THE HOUSE OF REPRESENTATIVES

April 25, 2017

introduced the following bill; which 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

A BILL

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.

1.

Short title

This Act may be cited as the Budgetary Accuracy in Scoring Interest Costs Act of 2017 or the BASIC Act.

2.

CBO and JCT estimates to include debt servicing costs

(a)

In general

The Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 621 et seq.) is amended by inserting after section 402 the following:

403.

Estimates to include debt servicing costs

Any estimate prepared by the Congressional Budget Office under section 402, and any estimate prepared by the Joint Committee on Taxation, shall include, to the extent practicable, the costs (if any) of servicing the public debt.

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(b)

Clerical amendment

The table of contents of such Act is amended by inserting after the item relating to section 402 the following:

403. Estimates to include debt servicing costs.

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