Lubbock Times

On July 12, 2024, the House Budget Committee and its Budget Process Reform Task Force released three discussion drafts aimed at reforming the congressional budget process. The announcement coincides with the 50th anniversary of the Congressional Budget and Impoundment Control Act of 1974. The proposed reforms include reinstating and enforcing outlay caps, requiring sponsors of legislation to justify emergency spending in the Congressional Record, and eliminating bad Changes in Mandatory Spending Programs (CHIMPs).

The Task Force has also issued a Request for Information (RFI) letter seeking input from interested parties on how to improve the budget process. House Budget Committee Chairman Jodey Arrington (R-TX) and Budget Process Reform Task Force Chairman Rudy Yakym (R-IN) stated: “If you or your organization is interested in improving the budget process, please share your specific solutions. Responses could address but are not limited to the following.”

The Congressional Budget and Impoundment Control Act of 1974 was signed into law by President Richard Nixon on July 12, 1974. It allowed Congress to develop an independent means to analyze the Presidential budget, reconcile it with congressional plans, and create its own fiscal policy. The Act also established permanent standing Budget Committees in both chambers of Congress and created the Congressional Budget Office.

The Budget Process Reform Task Force was formed within the House Budget Committee to address issues such as timeliness in the budget process, debt limit management, and models for handling long-term national debt projections.

Further information on these topics can be found through links provided by the House Budget Committee.