H.R. 6470 — Increasing Baseline Updates Act

This section requires the Director of the Congressional Budget Office (CBO) to submit to the House and Senate Budget Committees, unless directed otherwise by the chairs, at least two updates per year to the baseline projections report required under current law (i.e., projections of federal revenues, new budget authority, outlays, surpluses/deficits, and debt for the current fiscal year and subsequent periods, assuming continuation of existing laws). At least one update must include the economic data used to calculate it, and the requirement does not limit additional updates. (As background, CBO currently submits two such baseline reports annually—by April 1 and July 15—which serve as benchmarks for evaluating proposed legislation.)

This section requires the President, to the extent practicable, to submit to Congress by February 1 of each calendar year technical budget data for the fiscal year beginning in the ensuing calendar year, including up-to-date estimates for current-year and prior-year data and credit reestimates for the current year (as included in the Federal credit supplement of the President's budget).