,i #aacth ,,congress #ast ,session ,h4 ,r4 #bifg ,,in ,,the ,,house ,,of ,,representatives ,august #a1 #bjac ,mr4 ,schock 7for himself and ,mr4 ,cooper7 introduced the following bill2 which was referred to the ,committee on the ,budget ,a ,,bill ,to provide for fiscal gap and generational accounting analysis in the legislative process1 the ,president's budget1 and annual long-term fiscal outlook reports4 #a4 ,short title ,this ,act may be cited as the ,intergenerational ,financial ,obligations ,reform ,act or the ,,inform ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,fiscal gap ,the term fiscal gap means an economic analysis that-- 7,a7 calculates the difference between the present value of all projected future ,federal spending1 including interest and principal payments on the initial outstanding debt1 and the present value of all projected future ,federal revenues1 over an infinite time horizon2 7,b7 calculates the permanent ,federal revenue increases and spending reductions and identifies the combination of fiscal policy options starting in the budget year1 and #e1 #aj1 #ae1 and #be years after the budget year1 needed to eliminate the infinite horizon fiscal gap calculated as of the budget year2 and 7,c7 calculates the increases in the levels of annual rates of economic growth factors1 including technological change1 labor productivity1 and capital deepening1 starting in the budget year1 and #e1 #aj1 #ae1 and #be years after the budget year1 needed to eliminate the infinite horizon fiscal gap calculated as of the budget year4 7#b7 ,generation ,the term generation means a #a-year age cohort4 7#c7 ,generational accounting ,the term generational accounting means an economic analysis that calculates-- 7,a7 the projected present value lifetime net ,federal tax burden facing each living adult generation over #ah years of age2 and 7,b7 the present value lifetime net ,federal tax burdens facing each current generation of children #ah years of age and under1 as well as each future generation1 assuming-- 7i7 the sum of all present value lifetime net ,federal tax burdens facing each current generation of children #ah years of age and under1 as well as each future generation1 covers the present value of future discretionary spending1 including interest and principal payments on the initial outstanding debt1 less the sum of all present value lifetime net ,federal tax burdens facing living adult generations over #ah years of age2 and 7ii7 the lifetime net ,federal tax burden of generations #ah years of age and under1 as well as future generations1 increases with year of birth at the projected growth rate of labor productivity4 7#d7 ,net ,federal tax burden ,the term net ,federal tax burden means the difference between ,federal taxes paid and transfer payments received4 #c4 ,the ,congressional ,budget ,office ,report ,section #bjb7;e7 of the ,congressional ,budget ,act of #aigd is amended by inserting at the end the following3 7#d7 7,a7 ,for any legislation or resolution considered in the ,senate or the ,house of ,representatives that would impact revenues or mandatory spending by greater than #j4e percent of gross domestic product over the following #aj-;fiscal year period and upon request relating to such legislation or resolution by the ,chairmen or ,ranking ,members of the ,committees on the ,budget of the ,house of ,representatives or the ,senate1 the ,congressional ,budget ,office shall be required to provide1 with respect to such legislation or resolution-- 7i7 a fiscal gap and generational accounting analysis1 including the change in the fiscal gap and generational accounting analysis relative to the baseline2 and 7ii7 the ,federal deficit1 at current spending levels1 in the fiscal year that is #ge years and the stock of the debt in the #geth year after the fiscal year in which the legislation is being considered4 7,b7 ,in this paragraph-- 7i7 the term fiscal gap means an economic analysis that-- 7,i7 calculates the difference between the present value of all projected future ,federal spending1 including interest and principal payments on the initial outstanding debt1 and the present value of all projected future ,federal revenues1 over an infinite time horizon2 7,,ii7 calculates the permanent ,federal revenue increases and spending reductions and identifies the combination of fiscal policy options starting in the budget year1 and #e1 #aj1 #ae1 and #be years after the budget year1 needed to eliminate the infinite horizon fiscal gap calculated as of the budget year2 and 7,,iii7 calculates the increases in the levels of annual rates of economic growth factors1 including technological change1 labor productivity1 and capital deepening1 starting in the budget year1 and #e1 #aj1 #ae1 and #be years after the budget year1 needed to eliminate the infinite horizon fiscal gap calculated as of the budget year2 7ii7 the term generation means a #a-year age cohort2 7iii7 the term generational accounting means an economic analysis that calculates-- 7,i7 the projected present value lifetime net ,federal tax burden facing each living adult generation over #ah years of age2 and 7,,ii7 the present value lifetime net ,federal tax burdens facing each current generation of children #ah years of age and under1 as well as each future generation1 assuming-- 7aa7 the sum of all present value lifetime net ,federal tax burdens facing each current generation of children #ah years of age and under1 as well as each future generation1 covers the present value of future discretionary spending1 including interest and principal payments on the initial outstanding debt1 less the sum of all present value lifetime net ,federal tax burdens facing living adult generations over #ah years of age2 and 7bb7 the lifetime net ,federal tax burden of generations #ah years of age and under1 as well as future generations1 increases with year of birth at the projected growth rate of labor productivity2 and 7iv7 the term net ,federal tax burden means the difference between ,federal taxes paid and transfer payments received4 4 #d4 ,,cbo annual report 7a7 ,in general ,the ,congressional ,budget ,office shall produce an annual fiscal gap and generational accounting analysis within its annual ,long-,term ,budget ,outlook4 7b7 ,public ,report ,the ,director of the ,congressional ,budget ,office shall post the report described in subsection 7a7 on the ,congressional ,budget ,office public website4 #e4 ,,gao annual report 7a7 ,in general ,the ,comptroller ,general shall produce an annual fiscal gap and generational accounting analysis within its annual ,long-,term ,fiscal ,outlook4 7b7 ,public report ,the ,comptroller ,general shall post the report described in subsection 7a7 on the ,general ,accountability ,office public website4 #f4 ,the ,president's budget ,section #aaje of title #ca1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a71 by-- 7,a7 redesignating paragraph 7#cg7 following paragraph 7#ch7 as paragraph 7#ci72 and 7,b7 adding at the end the following3 7#dj7 an analysis including-- 7,a7 a fiscal gap and generational accounting analysis of the full budget proposal2 7,b7 a fiscal gap and generational accounting analysis of specific policy changes that would impact revenues or mandatory spending by greater than #j4e percent of gross domestic product over the following #aj-;fiscal year period2 and 7,c7 the ,federal deficit1 at current spending levels1 in the fiscal year that is #ge years and the stock of the debt in the #geth year after the fiscal year in which the policy is being considered4 2 and 7#b7 by inserting at the end the following3 7i7 ,for purposes of subsection 7a77#dj7-- 7#a7 the term fiscal gap means an economic analysis that-- 7,a7 calculates the difference between the present value of all projected future ,federal spending1 including interest and principal payments on the initial outstanding debt1 and the present value of all projected future ,federal revenues1 over an infinite time horizon2 7,b7 calculates the permanent ,federal revenue increases and spending reductions and identifies the combination of fiscal policy options starting in the budget year1 and #e1 #aj1 #ae1 and #be years after the budget year1 needed to eliminate the infinite horizon fiscal gap calculated as of the budget year2 and 7,c7 the increases in the levels of annual rates of economic growth factors1 including technological change1 labor productivity1 and capital deepening1 starting in the budget year1 and #e1 #aj1 #ae1 and #be years after the budget year1 needed to eliminate the infinite horizon fiscal gap calculated as of the budget year2 7#b7 the term generation means a #a-year age cohort2 7#c7 the term generational accounting means an economic analysis that calculates-- 7,a7 the projected present value lifetime net ,federal tax burden facing each living adult generation over #ah years of age2 and 7,b7 the present value lifetime net ,federal tax burdens facing each current generation of children #ah years of age and under1 as well as each future generation1 assuming-- 7i7 the sum of all present value lifetime net ,federal tax burdens facing each current generation of children #ah years of age and under1 as well as each future generation1 covers the present value of future discretionary spending1 including interest and principal payments on the initial outstanding debt1 less the sum of all present value lifetime net ,federal tax burdens facing living adult generations over #ah years of age2 and 7ii7 the lifetime net ,federal tax burden of generations #ah years of age and under1 as well as future generations1 increases with year of birth at the projected growth rate of labor productivity2 and 7#d7 the term net ,federal tax burden means the difference between ,federal taxes paid and transfer payments received4 4