3.0.0 1915 2021-09-30T00:43:58Z 2023-01-14T21:13:44Z Senate S S 2003-11-21 108 ssbu00 Budget Committee Senate Standing Referred to 2003-11-21T20:11:57Z ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Referred to 2003-11-21T20:11:57Z 2003-11-21 ssbu00 Budget Committee ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred jointly to the Committees on the Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. IntroReferral 2003-11-21 Introduced in Senate IntroReferral 10000 9 Library of Congress L000304 Sen. Lieberman, Joseph I. [D-CT] JOSEPH LIEBERMAN D CT I. N Economics and Public Finance Accounting Administrative fees Appropriations Armed Forces and National Security Auditing Authorization Budget deficits Budget reconciliation Budget resolutions Budget surpluses Capital investments Civil service retirement Commerce Congress Congressional budget Congressional committees Congressional reporting requirements Corporation taxes Debt limit Defense budgets Economic forecasting Emergency Management Estate tax Excise tax Executive impoundment of appropriated funds Expedited congressional procedure Federal advisory bodies Federal budget process Federal budgets Federal employees Financial statements Foreign service Government Operations and Politics Government spending reductions Government trust funds Governmental investigations Health House rules and procedure Income tax International Affairs Labor and Employment Legislation Legislative amendments Legislative procedure Legislative resolutions Medicaid Medicare Military pensions Off-budget expenditures Officer personnel Old age, survivors and disability insurance Payroll deductions Planning-programming-budgeting Public debt Rescission of appropriated funds Retired military personnel Retiree health benefits Senate rules and procedure Social Welfare Strategic planning Tariff Tax expenditures Taxation Trusts and trustees Unemployment insurance User charges Valuation Veterans' medical care Waste in government spending Economics and Public Finance 00 2003-11-21 Introduced in Senate 2004-02-17T17:17:10Z Honest Government Accounting Act of 2003 - Requires, in a current annual report from the Secretary of the Treasury to the President and Congress on the overall financial position of the U.S. Government, the preparation of a net present value calculation of all major Government liabilities and commitments, including outstanding debt held by the public and all social insurance entitlements such as Social Security and Medicare. Requires each calculation to: (1) be prepared for both a 75-year horizon and an indefinite time horizon; and (2) include the financial and demographic assumptions and details of the methods used in making the calculations.

Mandates that if the total of debt held by the public added to the net present value calculation of the overall liabilities and commitments of the Government exceeds 1.25 percent of the present discounted value of all future payrolls no later than September 15, 2005, the President shall submit to Congress and the Commission on Long-Term Government Liabilities and Commitments (established herein) a plan to reduce that percentage to 1.25 or less. Establishes such Commission to make recommendations to the President and Congress for ensuring that such percentage is no greater than 1.25 percent as of September 11, 2011. Requires the President to report to Congress on any legislative recommendations included in the President's budget which have an adverse impact greater than 0.25 percent of the present discounted value of all future payrolls over 75 years or over an indefinite time horizon, as well as a plan to bring the percentage back to 1.25 by September 11, 2011.

Amends the Congressional Budget Act to require budget resolutions to include calculations for the immediately preceding fiscal year of the impact of the resolution on the net present value of the Government's overall liabilities and commitments for both the 75-year and indefinite time horizon. Establishes a point of order against legislation that adversely affects the 1.25 percent by 0.25 percent or more. Directs the Secretary to analyze and report to Congress on the methodology and utility of preparing calculations of the net present value of specific provisions of the Internal Revenue Code that defer tax liability or cause long-term revenue effects that are not captured in a cash flow estimate over five or ten years. Bars the use of expedited procedures to enact legislation which has an adverse impact on the budget deficit or reduces the budget surplus.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to reinstate the "pay-as-you-go" budgetary requirements of such Act.

]]> Honest Government Accounting Act of 2003 Short Titles as Introduced Honest Government Accounting Act of 2003 Display Title Honest Government Accounting Act of 2003 Official Title as Introduced A bill to ensure that the Government fully accounts for both its explicit liabilities and implicit commitments and adopts fiscal and economic policies that enable it to finance and manage these liabilities and commitments, to honor commitments to the Baby Boom and subsequent generations with regard to social insurance programs, and to provide for the national defense, homeland security, and other critical governmental responsibilities. Referral Instructions Senate 2003-11-21T05:00:00Z 2003-11-21 Read twice and referred jointly to the Committees on the Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.