Daines, Brat Introduce Bicameral Legislation to Bring Integrity to Federal Budget Process
U.S. CONGRESS —U.S. Senator Steve Daines (R-MT) and U.S. Representative Dave Brat (R-VA) today introduced bicameral legislation that would require congressional budgetary scorekeepers to account for interest costs incurred on borrowed funds needed for legislative proposals. The Budgetary Accuracy in Scoring Interest Costs (BASIC) Act will include the cost of debt in both Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) analysis so that Congress can have the full picture of legislative costs to the American taxpayer. “Congress employs gimmicks to shield hardworking American taxpayers from knowing exactly how much it is spending,” Daines stated. “It’s time the