HR 362
BASIC Act
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- Passed House
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Bill overview
This bill, the BASIC Act, aims to improve the accuracy of budget projections by requiring the Congressional Budget Office (CBO) and the Joint Committee on Taxation to factor in the costs associated with servicing the national debt. Currently, these cost estimates may not fully account for these expenses, which can impact the overall understanding of the federal budget. By including these servicing costs, the bill seeks to provide a more complete and realistic picture of the government's financial obligations. This change will ensure that the cost of managing the debt is more explicitly considered when analyzing budgetary impacts.
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