Budget analysts at the Congressional Budget Office (CBO) are not daring to estimate how much H.R. 4078 would increase the federal budget deficit, but they say it could have big, hard to predict effects on revenue, spending and implementation of legislation.
Rep. Tim Griffin, R-Ark., has introduced H.R. 4078, the Regulatory Freeze for Jobs Act bill of 2012.
Griffin, who believes new regulations and changes in regulations can hurt the economy, wants the bill to restrict federal agencies ability to implement most significant regulatory actions until the unemployment rate falls below 6%.
The bill would include exceptions for regulatory actions needed to respond to an imminent threat to health or safety, to enforce criminal laws, to protect national security, or to implement an international trade agreement, CBO officials say in a summary.
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The president could ask Congress for fast action on waivers for regulatory actions not allowed by one of those four exceptions.