To amend the Congressional Budget and Impoundment Control Act of 1974 to require the Congressional Budget Office to provide an inflation estimate with respect to direct spending legislation with a significant impact on the Gross Domestic Product of the United States, and for other purposes.
About This Bill
Committee
Latest Action · May 24, 2023
Referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Informed Lawmaking to Combat Inflation Act
This bill requires the Congressional Budget Office to provide inflation estimates for certain legislation that provides for direct spending and is projected to cause an annual gross budgetary effect of at least 0.25% of the projected gross domestic product of the United States.
The estimates must determine whether the legislation will have
no significant impact on inflation, a quantifiable inflationary impact on the consumer price index, or a significant impact on inflation that cannot be quantified at the time the estimate is prepared. The requirement does not apply to legislation that (1) provides for emergency assistance or relief at the request of any state, local, or tribal government; or (2) is necessary for the national security or the ratification or implementation of international treaty obligations.
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