S. 2765 would substantially revise the Congressional budget process to require biennial budgeting, institute special reconciliation procedures to take effect if the federal debt is projected to exceed a specified amount, and modify the budget calendar. The bill also would, among other changes, create a set of five budget portfolios that would each consist of a subset of budget functions and related tax expenditures. Those revisions would not, by themselves, have a direct budgetary effect, but they could influence Congressional decisionmaking about budget-related legislation.
S. 2765 also would make a number of changes to the reporting and analytical duties of the Congressional Budget Office, the Government Accountability Office (GAO), and the Office of Management and Budget (OMB).
Under S. 2765, a number of reports, analyses, or estimates that CBO currently produces would be statutorily required (in some cases with small changes). In addition, CBO would be required to: