Bill > S749

This bill, titled the Honest Scoring Act of 2015, mandates that "dynamic scoring" be used when estimating the financial impact of "major legislation." Dynamic scoring refers to a method of estimating the budgetary effects of a bill that considers how the bill might influence the overall economy, such as changes in economic output, employment, or interest rates, in addition to the direct changes in government spending (outlays) or tax collection (revenues). "Major legislation" is defined as a bill, resolution, conference report, or treaty that is estimated to have a financial impact exceeding $15 billion in any fiscal year, before considering these macroeconomic effects, or is specifically designated as major by the Budget Committee chairs in the Senate or House of Representatives. The bill requires the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) to provide estimates that include the budgetary effects without macroeconomic influences, the budgetary effects *from* macroeconomic influences (separating revenue and outlay impacts), and a total estimate incorporating both. These estimates must also include a qualitative assessment of the budgetary effects over a 20-year period and clearly state the assumptions and data sources used.