Congress should have the most complete information available when it makes decisions about economic policy. It has been denied this because the budgetary scores provided to it by the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) have not considered the macroeconomic effects that would result from major pieces of legislation, such as tax reform, health care reform, and changes to entitlement programs like Social Security and Medicare. It has instead provided Congress static scores.
To modernize the information CBO and JCT provide Congress, the recent budget resolution adopted by the House and Senate requires both agencies to provide a dynamic analysis, which incorporates macroeconomic effects, for legislation that will have a sufficiently large effect on the economy. This is important because it will help the agencies build their capability to produce dynamic scores that Congress can use when assessing the budgetary impact of certain legislation.
Join us for a panel discussion featuring the authors of the dynamic scoring rule. William Beach and Andy Morton will review what the rule requires of CBO and JCT. Curtis Dubay will provide context about why the new rule is an important victory. Following their presentations, CBO Director Keith Hall will explain how CBO plans to carry out the rules’ new requirements.
More About the Speakers
Keith Hall, Ph.D.
Director, Congressional Budget Office
William Beach, Ph.D.
Chief Economist, Senate Budget Committee
Andy Morton, Ph.D.
Chief Economist, House Budget Committee
Research Fellow, The Heritage Foundation
David R. Burton
Senior Fellow in Economic Policy