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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.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_8341
Sponsor: Rep. Cloud, Michael [R-TX-27]
Process start date: 2024-05-10
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Cost Estimates Improvement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8341.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-05-10.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Cloud, Michael [R-TX-27].

What is the latest detailed status?

The latest detailed status is: Ordered to be Reported by the Yeas and Nays: 17 - 7.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy