Transparency in Legislation Costs: Including Public Debt Servicing Expenses.
This Act mandates that the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) must include the costs of servicing the public debt in their financial estimates for new bills. This change provides citizens and their representatives with a more complete picture of the true cost of any new legislation, including interest payments on borrowed funds. The goal is to enhance transparency and fiscal accountability in the legislative process.
Key points
All new cost estimates for legislation prepared by the CBO and JCT must now include the costs of interest payments on the public debt.
This amendment ensures Congress and the public receive fuller information regarding the long-term financial burden of new government spending.
The measure aims to improve federal spending control by increasing transparency regarding debt costs.
Status:
Expired
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