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S. 2765, Bipartisan Congressional Budget Reform Act (CBO Report for Congress)

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Congress 116th
Date Requested Nov. 13, 2019
Requested By the Senate Committee on the Budget
Date Sent Dec. 9, 2019
Description:
S. 2765 would substantially revise the Congressional budget process to require biennial budgeting, institute special reconciliation procedures to take effect if the federal debt is projected to exceed a specified amount, and modify the budget calendar. The bill also would, among other changes, create a set of five budget portfolios that would each consist of a subset of budget functions and related tax expenditures. Those revisions would not, by themselves, have a direct budgetary effect, but they could influence Congressional decisionmaking about budget-related legislation. S. 2765 also would make a number of changes to the reporting and analytical duties of the Congressional Budget Office, the Government Accountability Office (GAO), and the Office of Management and Budget (OMB). Under S. 2765, a number of reports, analyses, or estimates that CBO currently produces would be statutorily required (in some cases with small changes). In addition, CBO would be required to:

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