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Saturday, December 21, 2024

House passes bipartisan bill requiring more frequent economic data updates

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Rep. Blake Moore, U.S. Representative for Utah's 1st District | Official U.S. House headshot

Rep. Blake Moore, U.S. Representative for Utah's 1st District | Official U.S. House headshot

On December 11, 2024, the House of Representatives passed the Increasing Baseline Updates Act, a bipartisan bill introduced by Congressman Blake Moore. The legislation aims to enhance Congress's ability to make informed decisions on federal spending by mandating that the Congressional Budget Office (CBO) produce at least two baseline updates annually, one of which must include economic data. This measure seeks to ensure that Congress has access to the most current information for appropriations and other legislative processes.

Congressman Thomas Suozzi (D-NY) joined Moore in introducing this bill, which received unanimous approval from the House Budget Committee in September.

"Americans have made it abundantly clear that they welcome the Trump Administration’s efforts to rein in wasteful federal spending and lower our crippling national debt," said Congressman Moore. "The Increasing Baseline Updates Act will help this critical initiative by enhancing Congress’s ability to make informed decisions during the budgeting process with more consistently updated data from the Congressional Budget Office. I thank Chairman Jodey Arrington and the Budget Committee for their overwhelming support of this bill, and I am thrilled it has officially passed the House!"

Chairman Jodey Arrington added, "We can’t get our fiscal house in order, responsibly steward taxpayers’ treasure, and address our national debt without fixing our broken budget process, which is exactly what Rep. Blake Moore’s legislative reform will help us achieve."

Under existing law—the Congressional Budget and Impoundment Control Act of 1974—the CBO is required to publish its baseline before February 15 each year. This baseline projects federal outlays and revenues for current and future fiscal years based on existing laws. However, there is no statutory requirement for multiple baseline updates throughout the year despite their importance for ongoing policymaking in Congress. The last time CBO published a post-July baseline update was in 2020; similarly, three baselines were last published within a single year in 2019. This situation leaves lawmakers relying on outdated fiscal information when passing government funding bills at year's end.

The Increasing Baseline Updates Act represents an effort toward improving congressional budget processes and returning to regular order.

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