3.0.0 2548 2023-01-01T23:42:24Z 2023-01-01T23:42:24Z Senate S 2021-07-29 117 ssbu00 Budget Committee Senate Standing Referred to 2021-07-29T17:53:25Z Intergenerational Financial Obligations Reform Act 117 5340 HR 2021-09-29 Sponsor introductory remarks on measure. (CR H5516) Identical bill CRS 2021-07-29 ssbu00 Budget Committee Senate Read twice and referred to the Committee on the Budget. IntroReferral 2021-07-29 Introduced in Senate IntroReferral 10000 9 Library of Congress B001310 Sen. Braun, Mike [R-IN] Mike Braun R IN N L000571 Sen. Lummis, Cynthia M. [R-WY] Cynthia Lummis R WY M. 2021-07-29 True S001217 Sen. Scott, Rick [R-FL] Rick Scott R FL 2021-07-29 True C001098 Sen. Cruz, Ted [R-TX] Ted Cruz R TX 2021-07-29 True Economics and Public Finance Economics and Public Finance 00 2021-07-29 Introduced in Senate 2022-09-22T18:29:40Z Intergenerational Financial Obligations Reform Act

This bill requires the Congressional Budget Office, the Office of Management and Budget, and the Government Accountability Office to provide various reports that include a fiscal gap analysis and a generational accounting analysis.

Under the bill, the fiscal gap generally refers to the sum of (1) the total amount of Treasury liabilities outstanding on the last day of the budget year, and (2) the discounted present value of the projected difference between federal spending and revenues during the period of the budget year and at least the next 75 fiscal years (excluding spending for net interest and principal payments on Treasury liabilities).

A generational accounting analysis addresses the fiscal impact that projected federal spending and tax burdens will have on various generations of individuals.

]]> Intergenerational Financial Obligations Reform Act Official Title as Introduced A bill to provide for fiscal gap and generational accounting analysis in the legislative process, the President's budget, and annual long-term fiscal outlook reports. Introduced in Senate IS Display Title Intergenerational Financial Obligations Reform Act Short Title(s) as Introduced Intergenerational Financial Obligations Reform Act Introduced in Senate IS Introduced in Senate 2021-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s2548is/xml/BILLS-117s2548is.xml 2021-07-29 Read twice and referred to the Committee on the Budget. 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.