This bill makes two changes to how Congress gets budget information. First, it requires the Congressional Budget Office (CBO) to give Congress at least two updates per year to its baseline budget projections, with at least one update including the economic data behind those projections. The CBO can still provide additional updates beyond these two if needed. Second, it requires the President to submit detailed technical budget data to Congress by February 1st each year, including updated estimates for the current and previous year's spending, as well as revised credit estimates. Together, these changes are designed to give Congress more frequent and detailed budget information throughout the year, rather than relying on less frequent reports.

Increasing Baseline Updates Act

Moore, Blake D.

Increasing Baseline Updates ActThis bill requires the Congressional Budget Office (CBO) to submit to Congress at least two updates to its annual baseline unless CBO is otherwise directed by the chairs of the congressional budget committees. At least one of the updates must include the economic data used by CBO to calculate the update.(A baseline is a projection of federal spending and receipts during a fiscal year under current law. Under current law, CBO is required to publish the baseline by February 15 of each year. While there is no statutory requirement for specific updates, CBO generally provides an update with its analysis of the President's annual budget request. It has also provided some updates during the summer, depending on the timing of the President's budget request.)The bill also requires the President to submit technical budget data to Congress on or before February 1 of each year to the extent this is practicable. Currently, federal agencies provide the data to Congress as part of the President's budget request.