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S. 2435: BASIC Act


The text of the bill below is as of Aug 1, 2019 (Introduced).

Summary of this bill

A decade from now, interest on the deficit alone will be higher than the entire deficit was last year. Should this be reflected in government spending and budget estimates?

Context

The federal deficit was $779 billion last year. [See Table 1.1 in that link, cell E29.] It’s projected to rise to $960 billion this year. And on its current path, it will exceed $1 billion annually for the next decade.

Several factors are contributing to this sharp rise. One of the biggest is 2017’s Republican-led Tax Cuts and Jobs Act law which slashed rates on income, payroll, and corporate taxes. Increasing spending enacted on a bipartisan basis ...


II

116th CONGRESS

1st Session

S. 2435

IN THE SENATE OF THE UNITED STATES

August 1, 2019

(for himself, Mr. Paul, and Mr. Perdue) introduced the following bill; which was read twice and referred to the Committee on the Budget

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 2019 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.

.

(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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