Price Statement on the Pro-Growth Budgeting Act
Washington, D.C.– Congressman Tom Price, M.D. (R-GA) issued the following statement after introducing the Pro-Growth Budgeting Act. This legislation would require the Congressional Budget Office (CBO) to begin analyzing the longer-term economic impact of major pieces of legislation which are estimated to have a budgetary impact of more than .25% of GDP. This type of macroeconomic perspective – in addition to traditional CBO scoring – would provide lawmakers with a more complete assessment of the impact of legislation being considered. The Pro-Growth Budgeting Act is part of a larger package of budget process reforms introduced today by members of the House Budget Committee.
“Bringing down our debt and putting our nation on a path to prosperity requires a responsible budget process that holds Washington accountable and enhances the transparency of how taxpayer dollars are being spent,” said Congressman Price. “The Pro-Growth Budgeting Act requires the Congressional Budget Office to provide members with a more dynamic assessment of how proposed legislation would impact economic considerations like GDP, jobs, and business investment. Having a clearer understanding of the macroeconomic consequences of proposed legislation is fundamental to assessing the real world impact the actions of Congress have on the economy at large, not just Washington’s bottom line.
“As we continue to advance legislation aimed at encouraging job creation and rebuilding confidence in our economy, we know that fundamental to these goals is addressing a broken budget process which is ill-equipped to get the nation’s fiscal house in order and avoid a looming debt crisis. The reforms outlined in the Pro-Growth Budgeting Act and the additional legislation introduced by House Budget Committee members are an integral part of our commitment to get the nation’s debt under control and provide needed oversight and transparency.”