Summary

Requires the Congressional Budget Office to send at least two updates to its budget baseline to the House and Senate Budget Committees each year, with at least one update including the economic data used to produce the baseline. Also requires the President (through the administration’s budget office) to provide Congress annual technical budget data by February 1 each year for the coming fiscal year, including updated estimates for the current and prior years and credit reestimates like those in the Federal credit supplement.

• CBO must deliver at least two baseline updates per year to the House and Senate Budget Committees.
• At least one CBO update each year must include the underlying economic data used in the baseline calculation.
• The CBO Director retains discretion to provide additional baseline updates beyond the two required.
• Budget Committee chairs can direct a different update schedule for CBO if they choose.
• The President must, to the extent practicable, provide annual technical budget data to Congress by February 1 for the upcoming fiscal year.
• Executive submissions must include up-to-date estimates for current and prior years and credit reestimates similar to the Federal credit supplement.
• The bill changes reporting and transparency rules for the federal budget process but does not change funding levels or create new programs.
• Intended effects include more timely budget information for lawmakers and analysts; potential effects include modest additional workload for CBO and OMB.