Increased Budget Transparency: More Frequent Federal Forecast Updates.
This law increases the frequency and transparency of budget information provided to Congress by the Congressional Budget Office (CBO). It mandates at least two annual updates to budget forecasts, including the underlying economic data, aiming to improve the quality of fiscal debate. Additionally, the President must submit timely technical federal budget data to Congress every year, ensuring better oversight of public finances.
Key points
The Congressional Budget Office (CBO) must publish at least two updates to annual budget forecasts, increasing transparency in spending planning.
At least one of these updates must include the detailed economic data used for calculations, allowing for better assessment of projections.
The President is required to submit updated technical federal budget data to Congress by February 1st each year, providing timely information for Congressional decision-making.
Status:
Introduced
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