S.Amdt. 402

Mr. Kaine, along with Mr. King, submitted amendment SA 402 to be proposed for the concurrent resolution S. Con. Res. 7, which sets the congressional budget for the United States Government for fiscal year 2025 and outlines budgetary levels for fiscal years 2026 through 2034.

What It Aims to Change or Add

• The amendment adds a new section requiring reporting on federal revenue.
• It requires the Director of the Congressional Budget Office to include specific estimates in certain reports.
• It demands an estimate of the total changes in revenue resulting from major legislation enacted or significant executive actions taken in the fiscal year prior to the report.
• It demands an estimate of the distributional effects across income groups in the United States regarding those revenue changes.
• It defines a significant executive action as any action taken by the President resulting in $10,000,000,000 or more in new revenue for the United States on an annualized basis, which includes changes to duties on goods imported into the United States.