Legis Daily

Intergenerational Financial Obligations Reform Act

USA117th CongressS-2548| Senate 
| Updated: 7/29/2021
Mike Braun

Mike Braun

Republican Senator

Indiana

Cosponsors (3)
Rick Scott (Republican)Cynthia M. Lummis (Republican)Ted Cruz (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.
View Full Text

Suggested Questions

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

Timeline
Jul 29, 2021
Introduced in Senate
Jul 29, 2021
Read twice and referred to the Committee on the Budget.
Sep 29, 2021

Latest Companion Bill Action

HR 117-5340
Sponsor introductory remarks on measure. (CR H5516)
  • July 29, 2021
    Introduced in Senate


  • July 29, 2021
    Read twice and referred to the Committee on the Budget.


  • September 29, 2021

    Latest Companion Bill Action

    HR 117-5340
    Sponsor introductory remarks on measure. (CR H5516)

Economics and Public Finance

Related Bills

  • HR 117-5340: Intergenerational Financial Obligations Reform Act

Intergenerational Financial Obligations Reform Act

USA117th CongressS-2548| Senate 
| Updated: 7/29/2021
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
Introduced in Senate
Jul 29, 2021
Read twice and referred to the Committee on the Budget.
Sep 29, 2021

Latest Companion Bill Action

HR 117-5340
Sponsor introductory remarks on measure. (CR H5516)
  • July 29, 2021
    Introduced in Senate


  • July 29, 2021
    Read twice and referred to the Committee on the Budget.


  • September 29, 2021

    Latest Companion Bill Action

    HR 117-5340
    Sponsor introductory remarks on measure. (CR H5516)
Mike Braun

Mike Braun

Republican Senator

Indiana

Cosponsors (3)
Rick Scott (Republican)Cynthia M. Lummis (Republican)Ted Cruz (Republican)

Budget Committee

Economics and Public Finance

Related Bills

  • HR 117-5340: Intergenerational Financial Obligations Reform Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted