(Washington, DC)  – Strengthening his commitment to returning Congress back to fiscal responsibility and budget basics, U.S. Rep. Ander Crenshaw, a senior member of the House Budget Committee and Chairman of the House Republican Budget Task Force, introduced the Accountable Budgeting Commission (ABC) bill today.

 

This legislation will revamp long outdated budget concepts and policies many of which are throwbacks of the 1967 Administration of Lyndon Johnson.  The commission created by this bill will hunt down old and wasteful budget measures and processes that have been allowed to live long beyond their life expectancy and are continuing to cause errors within the Federal budget.

 

“Americans would not expect a 1967 Impala engine to work for a 2006 Prius, so why does Congress continue to let our nation’s economic engine suffer from outdated budget concepts from forty years ago,” Crenshaw asked as he introduced the bill.  “This is an important step in reforming our budget process and to restore fiscal responsibility to Congress.”

 

This much-needed legislation will provide a long overdue review of the underlying concepts that are impairing our ability to properly and effectively analyze and understand the issues we face in designing a common-sense budget in the 21^st century.  This Commission will provide the necessary oversight and make recommendations on ways to modernize our basic budgetary principles as Congress brings more accountability and transparency to the budget process.

 

The commission will review many different concepts including the expanded use of dynamic analysis by the CBO and Joint Committee on Taxation which will provide Congress with a better understanding of the true costs of pro growth policies like tax relief.  

 

“A dynamic analysis of various pro-growth policies – especially tax policies – will better reflect the impact on individual’s incentives to work, save, and invest – and thus, affect the economy’s performance.  When these incentives are taken into account, they can alter the pace of economic growth, and in turn produce additional tax revenue than might have been expected without the implemented policies.”