1. Short title This Act may be cited as the Pro-Growth Budgeting Act . 2. Estimates of major legislation (a) In general Part A of the Congressional Budget and Impoundment Control Act 1974 is amended by adding at the end the following new section: 407. Estimates of major legislation (a) CBO cost estimates An estimate provided by the Congressional Budget Office under section 402 for any major legislation shall, to the extent practicable, incorporate the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables resulting from such legislation. (b) Joint committee on taxation cost estimates An estimate provided by the Joint Committee on Taxation to the Director of the Congressional Budget Office under section 201(f) for any major legislation shall, to the extent practicable, incorporate the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables resulting from such legislation. (c) Content of estimates An estimate referred to in this section shall, to the extent practicable, include— (1) a qualitative assessment of the budgetary effects (including macroeconomic variables described in subsections (a) and (b)) of such legislation in the 20-fiscal year period beginning after the last fiscal year of the most recently agreed to concurrent resolution on the budget that set forth appropriate levels required by section 301; and (2) an identification of the critical assumptions and the source of data underlying that estimate. (d) Definitions As used in this section— (1) the term major legislation means any bill or joint resolution— (A) for which an estimate is required to be prepared pursuant to section 402 and that causes a gross budgetary effect (before incorporating macroeconomic effects) in any fiscal year over the years of the most recently agreed to concurrent resolution on the budget equal to or greater than 0.25 percent of the current projected gross domestic product of the United States for that fiscal year