The fiscal year 2016 budget resolution passed by Congress in May requires the Congressional Budget Office and the Joint Committee on Taxation to include the macroeconomic feedback effects of changes in policy on the budget when evaluating major legislation (CBO and JCT are the official number crunchers of Congress).
Specifically, Section 3112 of the resolution requires CBO and JCT to “incorporate the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables resulting from such major legislation.”
June 20th, 2015
