H.R. 2666: CBO Scoring Accountability Act (119th Congress) Bill Summary

This bill, known as the CBO Scoring Accountability Act, proposes amendments to the Congressional Budget and Impoundment Control Act of 1974, specifically regarding the analysis of major legislation by the Congressional Budget Office (CBO).

Key Provisions

Mandatory Analysis: The CBO will be required to conduct an annual analysis for the first ten years after the enactment of any major legislation. This analysis will assess the effects of the legislation, including:

Estimates of costs and changes in Federal revenues resulting from the legislation.
A comparison of these costs or revenue changes with prior estimates made before the legislation passed.
Updates to any figures concerning these changes, as necessary.

Discrepancy Reporting: If there is a discrepancy of 10% or more between the actual costs or revenue changes and previous estimates, the CBO must report this to Congress, explaining the reason for the difference.
Agency Cooperation: Various governmental departments, agencies, and regulatory bodies must provide the CBO with the information and assistance necessary to perform these analyses.
Definition of Major Legislation: The bill defines "major legislation" as any bill or resolution projected to result in mandatory spending or receipts of federal revenue of at least 0.25% of the nation's current projected GDP for that year.

Overall, the CBO Scoring Accountability Act aims to enhance accountability and transparency regarding the financial implications of significant laws over an extended period, ensuring Congress has updated and accurate information on the outcomes of major legislation.