This bill requires the Congressional Budget Office (CBO) to provide additional cost estimates and reports regarding major legislation that has been enacted into law.
Under the bill, major legislation is any bill or joint resolution that would be projected to result in outlays of mandatory spending or receipts of federal revenue equal to or greater than 0.25% of the current projected gross domestic product of the United States for that year.
For the first 10 years after major legislation has been enacted into law, the bill requires CBO to annually prepare and make publicly available an analysis of the results of carrying out the provisions of the legislation. The analysis must include
an estimate of the costs and the change in federal revenue as a result of the legislation,
a comparison of the current and previous estimates of the costs and change in revenue, and
any applicable updates to the estimates.
The bill also requires CBO to submit reports to Congress that explain any discrepancy between the actual and estimated costs and change in revenue that is greater than or equal to 10%.
