H.R. 6470: Increasing Baseline Updates Act

This bill, titled the "Increasing Baseline Updates Act," seeks to amend the Congressional Budget and Impoundment Control Act of 1974. The main objective of the bill is to enhance the processes surrounding budget data updates provided by the Congressional Budget Office (CBO) and the President.

Key Provisions

• Update Frequency: The bill requires the CBO to provide at least two updates to its baseline budget reports each year. One of these updates must include the economic data used to support the calculations in the report.
• Presidential Budget Data Submission: The bill mandates that, to the extent possible, the President submit technical budget data to Congress by February 1 of each year. This data should cover estimates for the upcoming fiscal year, current year data, prior year data, and any necessary credit reestimates for the current year.
• Flexibility in Updates: The bill makes it clear that the CBO can provide additional baseline updates beyond the required two updates each year if deemed necessary.

The overall aim of the bill is to ensure that Congress has access to the most current and relevant budgetary information, thereby improving the budget planning and decision-making processes. By requiring these updates, the bill intends to enhance transparency and accountability in federal budgeting.

Objectives of the Bill

• To improve the timeliness and accuracy of budgetary data provided to Congress.
• To facilitate a more informed legislative process regarding budget allocations and appropriations.
• To ensure that economic conditions are reflected in budget planning through regular updates.

Implementation Details

• The CBO will be responsible for producing the required updates as specified in the bill.
• The President’s budget submission will need to align with the new deadlines set forth in the bill.

This bill is designed to promote a more efficient and transparent budgeting process within the federal government.

Relevant Companies

None found