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Intergenerational Financial Obligations Reform Act

USA117th CongressHR-5340| House 
| Updated: 9/29/2021
Gregory F. Murphy

Gregory F. Murphy

Republican Representative

North Carolina

Cosponsors (9)
Markwayne Mullin (Republican)Steve Womack (Republican)Brad R. Wenstrup (Republican)William R. Timmons (Republican)Dan Bishop (Republican)Dan Crenshaw (Republican)Randy K. Sr. Weber (Republican)Ted Budd (Republican)Bill Johnson (Republican)

Budget Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jul 29, 2021

Latest Companion Bill Action

S 117-2548
Introduced in Senate
Sep 22, 2021
Introduced in House
Sep 22, 2021
Referred to the House Committee on the Budget.
Sep 29, 2021
Sponsor introductory remarks on measure. (CR H5516)
  • July 29, 2021

    Latest Companion Bill Action

    S 117-2548
    Introduced in Senate


  • September 22, 2021
    Introduced in House


  • September 22, 2021
    Referred to the House Committee on the Budget.


  • September 29, 2021
    Sponsor introductory remarks on measure. (CR H5516)

Economics and Public Finance

Related Bills

  • S 117-2548: Intergenerational Financial Obligations Reform Act

Intergenerational Financial Obligations Reform Act

USA117th CongressHR-5340| House 
| Updated: 9/29/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 29, 2021

Latest Companion Bill Action

S 117-2548
Introduced in Senate
Sep 22, 2021
Introduced in House
Sep 22, 2021
Referred to the House Committee on the Budget.
Sep 29, 2021
Sponsor introductory remarks on measure. (CR H5516)
  • July 29, 2021

    Latest Companion Bill Action

    S 117-2548
    Introduced in Senate


  • September 22, 2021
    Introduced in House


  • September 22, 2021
    Referred to the House Committee on the Budget.


  • September 29, 2021
    Sponsor introductory remarks on measure. (CR H5516)
Gregory F. Murphy

Gregory F. Murphy

Republican Representative

North Carolina

Cosponsors (9)
Markwayne Mullin (Republican)Steve Womack (Republican)Brad R. Wenstrup (Republican)William R. Timmons (Republican)Dan Bishop (Republican)Dan Crenshaw (Republican)Randy K. Sr. Weber (Republican)Ted Budd (Republican)Bill Johnson (Republican)

Budget Committee

Economics and Public Finance

Related Bills

  • S 117-2548: Intergenerational Financial Obligations Reform Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted