CBO - Congressional Budget Office

12/09/2019 | News release | Distributed by Public on 12/10/2019 16:17

S. 2765, Bipartisan Congressional Budget Reform Act

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: