H.R. 3582: Pro-Growth Budgeting Act of 2012

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H.R. 3582: Pro-Growth Budgeting Act of 2012

112th Congress · introduced 2011-12-07 · Economics and Public Finance · Latest: Received in the Senate and Read twice and referred to the Committee on the Budget.

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Official title

Pro-Growth Budgeting Act of 2012

Plain summary

Pro-Growth Budgeting Act of 2012 - (Sec. 2) Amends the Congressional Budget Act of 1974 (CBA) to require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committees), as a supplement to CBO cost estimates, a macroeconomic impact analysis of the budgetary effects of such legislation for the 10-fiscal year period beginning with the first fiscal year for which such estimate was prepared and each of the next three 10-fiscal year periods. Defines "major bill or resolution" as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. gross domestic product (GDP) for that fiscal year. Requires the analysis to describe: (1) the potential economic impact of the bill or resolution on major economic variables, including real GDP, business investment, the capital stock, employment, interest rates, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP. Requires the analysis (or a technical appendix to it) to specify the economic and econometric models used, sources of data, relevant data transformations, as well as any explanation necessary to make the models comprehensible to academic and public policy analysts. (Sec. 3) Amends CBA to require the CBO Director, after the President's budget submission and in addition to the baseline projections, to report a supplemental projection to the congressional budget committees, assuming extension of current tax policy for the fiscal year commencing on October 1 of that year, with a supplemental projection for the 10-fiscal year period beginning with that fiscal year, again assuming the extension of current tax policy. Defines "current tax policy" as the tax policy in statute as of December 31 of the current year, assuming: (1) the budgetary effects of measures extending the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003; (2) the continued application of the alternative minimum tax (AMT) as in effect for taxable years beginning in 2011, with a specified assumption for taxable years beginning after 2011; and (3) the budgetary effects of extending the estate, gift, and generation-skipping transfer tax provisions of title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Requires CBO to report to such committees, on or before July 1 of each year, the Long-Term Budget Outlook for: (1) the fiscal year commencing on October 1 of that year, and (2) at least the ensuing 40 fiscal years.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

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Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Price, Tom [R-GA-6] · 66 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Marlin A. Stutzman (R-IN), Joe Wilson (R-SC), Cynthia M. Lummis (R-WY), Scott DesJarlais (R-TN), Paul A. Gosar (R-AZ), James Lankford (R-OK), Tim Walberg (R-MI), Andy Harris (R-MD), Marsha Blackburn (R-TN), Tom McClintock (R-CA), Steve Scalise (R-LA), Austin Scott (R-GA) and 6 more.

Recorded votes

• House roll call 24 (2012): On Agreeing to the Amendment, HR3582 (2012-02-02): Failed
• House roll call 25 (2012): On Agreeing to the Amendment, HR3582 (2012-02-02): Failed
• House roll call 26 (2012): On Agreeing to the Amendment, HR3582 (2012-02-02): Failed
• House roll call 27 (2012): On Agreeing to the Amendment, HR3582 (2012-02-02): Failed
• House roll call 28 (2012): On Agreeing to the Amendment, HR3582 (2012-02-02): Failed
• House roll call 29 (2012): On Motion to Recommit with Instructions, HR3582 (2012-02-02): Failed
• House roll call 30 (2012): On Passage, HR3582 (2012-02-02): Passed

Sources

• Congressional Research Service summary (Passed House amended)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr3582.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr3582 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112