|
Washington, D.C. — Congressman Andy Barr (KY-06) has introduced the CBO Scoring Accountability Act, legislation that would require the Congressional Budget Office (CBO) to publish supplemental analyses of major legislation after it becomes law. This bill would give Congress and the American people a clearer picture of how legislative projections compare to real-world outcomes. The bill amends the Congressional Budget and Impoundment Control Act of 1974 to require the CBO to analyze and report annually—over a ten-year period—on the fiscal impact of major legislation. These reports would include updated cost estimates and revenue projections, as well as an explanation for any significant discrepancies from the original CBO score. If actual costs exceed projections by 10 percent or more, CBO would be required to explain why. “Washington’s budget process is broken, and part of the problem is that there’s no accountability when reality doesn’t match the promises made to get legislation passed,” said Congressman Barr. “This bill shines a light on the long-term fiscal impact of major laws and gives Congress the tools to improve future policymaking based on actual data, not just rosy forecasts.” “For too long, the Congressional Budget Office (CBO) provided policymakers with inaccurate projections on the cost of federal legislation. These flawed estimates have led to unchecked spending and fiscal instability. American taxpayers deserve transparency, with reliable estimates, and a system in place to correct the errors when they occur. The CBO Scoring Accountability Act offers a necessary solution to hold Congress accountable for its irresponsible spending and ensure future budgets are accurate. Heritage Action applauds Rep. Barr for addressing this issue, and we urge members of Congress to support this bill.” – Ryan Walker, Executive Vice President of Heritage Action for America "To advance prosperity and responsible budgeting, Members of Congress need accurate, authoritative cost estimates for legislation. Rep. Barr’s CBO Scoring Accountability Act would have CBO track the results of major legislation as it is implemented. A CBO that learns from revisiting expectations can help Congress deliver for the American people." – Kurt Couchman, Senior Fellow in Fiscal Policy, Americans for Prosperity "CBO said energy-related IRA subsidies would cost about $370 billion over a ten year window. Now they say it's more than double that at $786 billion. They said the Trump corporate tax cut would bring in $421 billion and it's $529 billion. They should have to tell us how wrong they've been in the past, so we know how wrong they'll be in the future." – Grover Norquest, President of Americans for Tax Reform "National Taxpayers Union is pleased to support Congressman Barr's CBO Scoring Accountability Act, which will help ensure that lawmakers have more accurate data when they craft tax and fiscal policies. We urge Congress to swiftly pass this important bill."-Brandon Arnold, EVP, National Taxpayers Union |
###