Intergenerational Financial Obligations Reform Act

Summary

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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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 July 2021

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 July 2021

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• Introduced in Senate

  summary · EN · 29 July 2021

  Open at official source

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