Congress Can Use Private Accounting Firms for Budget Estimates Instead of CBO.
This bill allows Congress to request estimates of the cost and impact of new legislation from private, reputable accounting firms, rather than relying solely on the Congressional Budget Office (CBO). This means that the financial assessments used to determine if a bill complies with budget rules can come from external experts. While intended to provide alternative opinions, this change affects the impartiality and stability of the budget process, indirectly impacting public finances and future tax burdens on citizens.
Key points
Congressional committees can obtain budget estimates for legislation from the ten largest private accounting firms, bypassing the CBO.
These private estimates will be used as the official budget figures for enforcing budget rules, including the Pay-As-You-Go Act.
If a committee chooses a private firm, the CBO is not required to prepare its own estimate for that specific measure, fundamentally altering the legislative process.
Status:
Introduced
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