BASIC Act

The BASIC Act (HR 362) requires the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) to include the costs of servicing the national debt in their budget estimates, where practicable. This means when analyzing proposed legislation, these agencies must account for interest payments on the federal debt resulting from new spending or tax changes. The bill amends the 1974 Congressional Budget and Impoundment Control Act by adding a new section mandating this inclusion. The primary effect is on the CBO and JCT, which will adjust their budget scoring methods to reflect debt servicing costs.