I 111th CONGRESS 2d Session H. R. 4856 IN THE HOUSE OF REPRESENTATIVES March 16, 2010 Mr. Donnelly of Indiana (for himself, Mr. Cooper, Mr. Boyd, Ms. Herseth Sandlin, Mr. Minnick, Mr. Bright, Mr. Matheson, Mr. Kratovil, Mr. Hill, Mr. Shuler, Mr. Taylor, Mr. Ellsworth, Mr. Childers, Mr. Schrader, Mr. Bishop of Georgia, Ms. Giffords, Mr. Salazar, Mr. Murphy of New York, Mr. Carney, Mr. Michaud, Mr. Nye, and Mr. Melancon) introduced the following bill; which was referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To require the President’s budget and the congressional budget to disclose and display the net present value of future costs of entitlement programs.

1.

Short title

This Act may be cited as the The Forecast for the Future Act of 2010.

2.

Findings

The Congress finds that— (1)the Government is on an unsustainable long-term fiscal path; (2)the fiscal year 2009 Financial Report of the United States Government (Department of the Treasury) projects that entitlement programs total approximately $62 trillion in present value terms over a 75-year projection period; (3)the current budget is written on a cash basis and does not account for the huge cost of entitlement programs which will come due in the future; (4)amending the Federal budget process laws to include long-term liabilities and obligations would provide a more complete and accurate assessment of the Nation’s fiscal condition; and (5)including the net present value of the future costs of entitlement programs would be a valuable tool that would force Congress to recognize the need to address its long-term obligations when making annual budgetary decisions.

3.

President’s budget

Section 1105(a) of title 31, United States Code, is amended by adding at the end the following new paragraph: (37)a detailed, separate analysis and display, by budget function, by agency, and by program of the net present value of future costs of each entitlement program for the fiscal year for which the budget is submitted and each of the 4 ensuing fiscal years. .

4.

Congressional budget

(a)

Required content

Section 301(a) of the Congressional Budget Act of 1974 is amended by striking and at the end of paragraph (6), by striking the period and inserting ; and at the end of paragraph (7), and by adding at the end the following new paragraph: (8)For display purposes only, for each entitlement program, the net present value of the future costs of the program over a 75-year time frame. . (b)

Hearings

The Committees on the Budget of the House of Representatives and the Senate are each authorized and directed to hold hearings in each Congress with a goal of developing a plan to restore the Government to a sustainable long-term fiscal path.

5.

OMB and CBO annual reports on the fiscal exposures of the Government

(a)

OMB

On or before January 15 of each year, the Director of the Office of Management and Budget, after consultation with the Comptroller General and the Director of the Congressional Budget Office, shall submit to the President and the Congress a report listing— (1)the fiscal exposures of the Government; and (2)the net present value of the future costs of each entitlement program over a 75-year time frame. (b)

CBO

Section 202(e) of the Congressional Budget Act of 1974 is amended by adding at the end the following new subsection: (4)

Fiscal exposures report

On or before January 15 of each year, the Director, after consultation with the appropriate committees of the House of Representatives and Senate, shall submit to the Congress a report listing (A) the fiscal exposures of the Government and (B) the net present value of the future costs of each entitlement program over a 75-year time frame. .