#aac? ,,congress  #b;d ,session  ,h4 ,r4
 #ahgd  ,,an ,,act  ,to am5d !          
,congressional ,budget ,act ( #aigd to  
provide = macroeconomic analysis ( !    
impact ( legislation4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,pro-,gr[?    
,budget+ ,act ( #bjad4  #b4             
,macroeconomic impact analyses  7a7 ,9  
g5]al ,"p ,a ( title ,,iv ( !           
,congressional ,budget ,act ( #aigd is  
am5d$ by add+ at ! end ! foll[+ new     
section3  #djg4 ,macroeconomic impact   
analysis ( major legislation  7a7       
,congressional ,budget ,(fice ,!        
,congressional ,budget ,(fice %all1 to !
 ext5t practicable1 prep>e = ea* major  
bill or resolution report$ by any       
committee ( ! ,h\se ( ,repres5tatives or
 ! ,s5ate 7except ! ,committee on       
,appropriations ( ea* ,h\se71 z a       
supplem5t to e/imates prep>$ "u section 
#djb1 a macroeconomic impact analysis ( 
! budget>y effects ( su* bill or        
resolution = ! t5 fiscal-ye> p]iod      
beg9n+ ) ! fir/ fiscal ye> = :i* an     

e/imate 0 prep>$ "u section #djb & ea* (
 ! next ?ree t5 fiscal-ye> p]iods4 ,!   
,director %all submit to su* committee !
 macroeconomic impact analysis1 toge!r )
 ! basis = ! analysis4 ,z a supplem5t to
 e/imates prep>$ "u section #djb1 all   
su* in=mation s submitt$ %all be includ$
 9 ! report accompany+ su* bill or      
resolution4  7b7 ,economic impact ,!    
analysis prep>$ "u subsection 7a7 %all  
describe ! pot5tial economic impact ( ! 
applicable major bill or resolution on  
major economic v>iables1 includ+ real   
gross dome/ic product1 bus9ess inve/m5t1
 ! capital /ock1 employm5t1 int]e/      
rates1 & labor supply4 ,! analysis %all 
also describe ! pot5tial fiscal effects 
( ! bill or resolution1 includ+ any     
e/imates ( rev5ue increases or decreases
 result+ f *anges 9 gross dome/ic       
product4 ,to ! ext5t practicable1 !     
analysis %\ld use a v>iety ( economic   
models 9 ord] to reflect ! full range ( 
possible economic outcomes result+ f !  
bill or resolution4 ,! analysis 7or a   

te*nical app5dix to ! analysis7 %all    
specify ! economic & econometric models 
us$1 s\rces ( data1 relevant data       
trans=mations1 & %all include su*       
explanation z is necess>y to make !     
models compreh5sible to academic &      
public policy analy/s4  7c7 ,report+ on 
accuracy ( ,macroeconomic impact        
analyses ,^u completion ( ! fif? fiscal 
ye> beg9n+ aft] ! date ( enactm5t ( any 
major bill or jo9t resolution = :i* !   
,congressional ,budget ,(fice prep>$ an 
analysis "u subsection 7a71 !           
,congressional ,budget ,(fice %all      
report on ! accuracy ( ! orig9al        
macroeconomic impact analysis ( su*     
enact$ bill or jo9t resolution & submit 
^! reports to ! ,committees on ! ,budget
 ( ! ,h\se ( ,repres5tatives & ! ,s5ate4
  7d7 ,def9itions ,z us$ 9 ?is section--
  7#a7 ! t]m macroeconomic impact       
analysis means--  7,a7 an e/imate ( !   
*anges 9 economic output1 employm5t1    
int]e/ rates1 capital /ock1 & tax       
rev5ues expect$ to result f enactm5t ( !

 proposal2  7,b7 an e/imate ( rev5ue    
fe$back expect$ to result f enactm5t ( !
 proposal2 &  7,c7 a /atem5t id5tify+ ! 
critical assumptions & ! s\rce ( data   
und]ly+ t e/imate2  7#b7 ! t]m major    
bill or resolution means any bill or    
resolution if ! gross budget>y effects (
 su* bill or resolution = any fiscal ye>
 9 ! p]iod = :i* an e/imate is prep>$ "u
 section #djb is e/imat$ to be great]   
?an 4#be p]c5t ( ! curr5t project$ gross
 dome/ic product ( ! ,unit$ ,/ates = any
 su* fiscal ye>2  7#c7 ! t]m budget>y   
effect1 :5 appli$ to a major bill or    
resolution1 means ! *anges 9 rev5ues1   
outlays1 deficits1 & debt result+ f t   
measure2 &  7#d7 ! t]m rev5ue fe$back   
means *anges 9 rev5ue result+ f *anges 9
 economic gr[? z ! result ( ! enactm5t (
 any major bill or resolution4  7e7     
,legislation ) rev5ue provisions ,!     
macroeconomic analysis describ$ 9       
subsection 7c7 %all rely on             
macroeconomic analysis prep>$ by ! ,jo9t
 ,committee on ,taxation = any          

provisions ( su* legislation t are      
describ$ 9 section #bja7;f74 ,=         
legislation consi/+ solely ( provisions 
describ$ 9 section #bja7;f71 !          
macroeconomic analysis describ$ 9       
subsection 7c7 %all be prep>$ by ! ,jo9t
 ,committee on ,taxation4  4  7b7       
,con=m+ am5dm5t ,! table ( cont5ts set  
=? 9 section #a7;b7 ( ! ,congressional  
,budget & ,imp\ndm5t ,control ,act (    
#aigd is am5d$ by ins]t+ aft] ! item    
relat+ to section #djf ! foll[+ new     
item3  ,sec4 #djg4 ,macroeconomic impact
 analysis ( major legislation4  4       
,pass$ ! ,h\se ( ,repres5tatives ,april 
#d1 #bjad4;,cl]k4