,,ii  #aac? ,,congress  #a/ ,session    
,s4 #acea  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bd1 #bjac ,mr4  
,?une 7= himself1 ,mr4 ,ka9e1 ,mr4      
,portman1 & ,mr4 ,coons7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ! ,budget  ,a ,,bill 
,to provide = fiscal gap & g5]ational   
acc\nt+ analysis 9 ! legislative        
process1 ! ,presid5t's budget1 & annual 
long-t]m fiscal outlook reports4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,int]g5]ational ,f9ancial ,obligations  
,re=m ,act or ! ,,in=m ,act4  #b4       
,def9itions ,9 ?is ,act3  7#a7 ,fiscal  
gap ,! t]m fiscal gap means an economic 
analysis t--  7,a7 calculates ! diff]5ce
 betwe5 ! pres5t value ( all project$   
future ,f$]al sp5d+1 includ+ int]e/ &   
pr9cipal paym5ts on ! initial out/&+    
debt1 & ! pres5t value ( all project$   
future ,f$]al rev5ues1 ov] an inf9ite "t
 horizon2  7,b7 calculates ! p]man5t    
,f$]al rev5ue increases & sp5d+         
r$uctions & id5tifies ! comb9ation (    

fiscal policy options />t+ 9 ! budget   
ye>1 & #e1 #aj1 #ae1 & #be ye>s aft] !  
budget ye>1 ne$$ to elim9ate ! inf9ite  
horizon fiscal gap calculat$ z ( !      
budget ye>2 &  7,c7 calculates !        
increases 9 ! levels ( annual rates (   
economic gr[? factors1 includ+          
te*nological *ange1 labor productivity1 
& capital deep5+1 />t+ 9 ! budget ye>1 &
 #e1 #aj1 #ae1 & #be ye>s aft] ! budget 
ye>1 ne$$ to elim9ate ! inf9ite horizon 
fiscal gap calculat$ z ( ! budget ye>4  
7#b7 ,g5]ation ,! t]m g5]ation means a  
#a-ye> age cohort4  7#c7 ,g5]ational    
acc\nt+ ,! t]m g5]ational acc\nt+ means 
an economic analysis t calculates--     
7,a7 ! project$ pres5t value lifetime   
net ,f$]al tax burd5 fac+ ea* liv+ adult
 g5]ation ov] #ah ye>s ( age2 &  7,b7 ! 
pres5t value lifetime net ,f$]al tax    
burd5s fac+ ea* curr5t g5]ation ( *ildr5
 #ah ye>s ( age & "u1 z well z ea*      
future g5]ation1 assum+--  7i7 ! sum (  
all pres5t value lifetime net ,f$]al tax
 burd5s fac+ ea* curr5t g5]ation (      

*ildr5 #ah ye>s ( age & "u1 z well z ea*
 future g5]ation1 cov]s ! pres5t value (
 future discretion>y sp5d+1 includ+     
int]e/ & pr9cipal paym5ts on ! initial  
out/&+ debt1 less ! sum ( all pres5t    
value lifetime net ,f$]al tax burd5s    
fac+ liv+ adult g5]ations ov] #ah ye>s (
 age2 &  7ii7 ! lifetime net ,f$]al tax 
burd5 ( g5]ations #ah ye>s ( age & "u1 z
 well z future g5]ations1 increases )   
ye> ( bir? at ! project$ gr[? rate (    
labor productivity4  7#d7 ,net ,f$]al   
tax burd5 ,! t]m net ,f$]al tax burd5   
means ! diff]5ce betwe5 ,f$]al taxes    
paid & transf] paym5ts receiv$4  #c4 ,! 
,congressional ,budget ,(fice ,report   
,section #bjb7;e7 ( ! ,congressional    
,budget ,act ( #aigd is am5d$ by ins]t+ 
at ! end ! foll[+3  7#d7 7,a7 ,= any    
legislation or resolution consid]$ 9 !  
,s5ate or ! ,h\se ( ,repres5tatives t   
w\ld impact rev5ues or m&atory sp5d+ by 
great] ?an #j4e p]c5t ( gross dome/ic   
product ov] ! foll[+ #aj-;fiscal-ye>    
p]iod & ^u reque/ relat+ to su*         

legislation or resolution by ! ,*airm5  
or ,rank+ ,memb]s ( ! ,committees on !  
,budget ( ! ,h\se ( ,repres5tatives or !
 ,s5ate1 ! ,congressional ,budget ,(fice
 %all be requir$ to provide1 ) respect  
to su* legislation or resolution--  7i7 
a fiscal gap & g5]ational acc\nt+       
analysis1 includ+ ! *ange 9 ! fiscal gap
 & g5]ational acc\nt+ analysis relative 
to ! basel9e2 &  7ii7 ! ,f$]al deficit1 
at curr5t sp5d+ levels1 9 ! fiscal ye> t
 is #ge ye>s & ! /ock ( ! debt 9 ! #ge? 
ye> aft] ! fiscal ye> 9 :i* !           
legislation is be+ consid]$4  7,b7 ,9   
?is p>agraph--  7i7 ! t]m fiscal gap    
means an economic analysis t--  7,i7    
calculates ! diff]5ce betwe5 ! pres5t   
value ( all project$ future ,f$]al      
sp5d+1 includ+ int]e/ & pr9cipal paym5ts
 on ! initial out/&+ debt1 & ! pres5t   
value ( all project$ future ,f$]al      
rev5ues1 ov] an inf9ite "t horizon2     
7,,ii7 calculates ! p]man5t ,f$]al      
rev5ue increases & sp5d+ r$uctions &    
id5tifies ! comb9ation ( fiscal policy  

options />t+ 9 ! budget ye>1 & #e1 #aj1 
#ae1 & #be ye>s aft] ! budget ye>1 ne$$ 
to elim9ate ! inf9ite horizon fiscal gap
 calculat$ z ( ! budget ye>2 &  7,,iii7 
calculates ! increases 9 ! levels (     
annual rates ( economic gr[? factors1   
includ+ te*nological *ange1 labor       
productivity1 & capital deep5+1 />t+ 9 !
 budget ye>1 & #e1 #aj1 #ae1 & #be ye>s 
aft] ! budget ye>1 ne$$ to elim9ate !   
inf9ite horizon fiscal gap calculat$ z (
 ! budget ye>2  7ii7 ! t]m g5]ation     
means a #a-ye> age cohort2  7iii7 ! t]m 
g5]ational acc\nt+ means an economic    
analysis t calculates--  7,i7 ! project$
 pres5t value lifetime net ,f$]al tax   
burd5 fac+ ea* liv+ adult g5]ation ov]  
#ah ye>s ( age2 &  7,,ii7 ! pres5t value
 lifetime net ,f$]al tax burd5s fac+ ea*
 curr5t g5]ation ( *ildr5 #ah ye>s ( age
 & "u1 z well z ea* future g5]ation1    
assum+--  7aa7 ! sum ( all pres5t value 
lifetime net ,f$]al tax burd5s fac+ ea* 
curr5t g5]ation ( *ildr5 #ah ye>s ( age 
& "u1 z well z ea* future g5]ation1     

cov]s ! pres5t value ( future           
discretion>y sp5d+1 includ+ int]e/ &    
pr9cipal paym5ts on ! initial out/&+    
debt1 less ! sum ( all pres5t value     
lifetime net ,f$]al tax burd5s fac+ liv+
 adult g5]ations ov] #ah ye>s ( age2 &  
7bb7 ! lifetime net ,f$]al tax burd5 (  
g5]ations #ah ye>s ( age & "u1 z well z 
future g5]ations1 increases ) ye> ( bir?
 at ! project$ gr[? rate ( labor        
productivity2 &  7iv7 ! t]m net ,f$]al  
tax burd5 means ! diff]5ce betwe5 ,f$]al
 taxes paid & transf] paym5ts receiv$4  
4  #d4 ,,cbo annual report  7a7 ,9 g5]al
 ,! ,congressional ,budget ,(fice %all  
produce an annual fiscal gap &          
g5]ational acc\nt+ analysis )9 its      
annual ,long-,t]m ,budget ,outlook4  7b7
 ,public ,report ,! ,director ( !       
,congressional ,budget ,(fice %all po/ !
 report describ$ 9 subsection 7a7 on !  
,congressional ,budget ,(fice public    
website4  #e4 ,,gao annual report  7a7  
,9 g5]al ,! ,comptroll] ,g5]al %all     
produce an annual fiscal gap &          

g5]ational acc\nt+ analysis )9 its      
annual ,long-,t]m ,fiscal ,outlook4  7b7
 ,public report ,! ,comptroll] ,g5]al   
%all po/ ! report describ$ 9 subsection 
7a7 on ! ,g5]al ,acc\ntability ,(fice   
public website4  #f4 ,! ,presid5t's     
budget ,section #aaje ( title #ca1      
,unit$ ,/ates ,code1 is am5d$--  7#a7 9 
subsection 7a71 by--  7,a7 r$esignat+   
p>agraph 7#cg7 foll[+ p>agraph 7#ch7 z  
p>agraph 7#ci72 &  7,b7 add+ at ! end ! 
foll[+3  7#dj7 an analysis includ+--    
7,a7 a fiscal gap & g5]ational acc\nt+  
analysis ( ! full budget proposal2  7,b7
 a fiscal gap & g5]ational acc\nt+      
analysis ( specific policy *anges t w\ld
 impact rev5ues or m&atory sp5d+ by     
great] ?an #j4e p]c5t ( gross dome/ic   
product ov] ! foll[+ #aj-;fiscal ye>    
p]iod2 &  7,c7 ! ,f$]al deficit1 at     
curr5t sp5d+ levels1 9 ! fiscal ye> t is
 #ge ye>s & ! /ock ( ! debt 9 ! #ge? ye>
 aft] ! fiscal ye> 9 :i* ! policy is be+
 consid]$4  2 &  7#b7 by ins]t+ at ! end
 ! foll[+3  7i7 ,= purposes ( subsection

 7a77#dj7--  7#a7 ! t]m fiscal gap means
 an economic analysis t--  7,a7         
calculates ! diff]5ce betwe5 ! pres5t   
value ( all project$ future ,f$]al      
sp5d+1 includ+ int]e/ & pr9cipal paym5ts
 on ! initial out/&+ debt1 & ! pres5t   
value ( all project$ future ,f$]al      
rev5ues1 ov] an inf9ite "t horizon2     
7,b7 calculates ! p]man5t ,f$]al rev5ue 
increases & sp5d+ r$uctions & id5tifies 
! comb9ation ( fiscal policy options    
/>t+ 9 ! budget ye>1 & #e1 #aj1 #ae1 &  
#be ye>s aft] ! budget ye>1 ne$$ to     
elim9ate ! inf9ite horizon fiscal gap   
calculat$ z ( ! budget ye>2 &  7,c7 !   
increases 9 ! levels ( annual rates (   
economic gr[? factors1 includ+          
te*nological *ange1 labor productivity1 
& capital deep5+1 />t+ 9 ! budget ye>1 &
 #e1 #aj1 #ae1 & #be ye>s aft] ! budget 
ye>1 ne$$ to elim9ate ! inf9ite horizon 
fiscal gap calculat$ z ( ! budget ye>2  
7#b7 ! t]m g5]ation means a #a-ye> age  
cohort2  7#c7 ! t]m g5]ational acc\nt+  
means an economic analysis t            

calculates--  7,a7 ! project$ pres5t    
value lifetime net ,f$]al tax burd5 fac+
 ea* liv+ adult g5]ation ov] #ah ye>s ( 
age2 &  7,b7 ! pres5t value lifetime net
 ,f$]al tax burd5s fac+ ea* curr5t      
g5]ation ( *ildr5 #ah ye>s ( age & "u1 z
 well z ea* future g5]ation1 assum+--   
7i7 ! sum ( all pres5t value lifetime   
net ,f$]al tax burd5s fac+ ea* curr5t   
g5]ation ( *ildr5 #ah ye>s ( age & "u1 z
 well z ea* future g5]ation1 cov]s !    
pres5t value ( future discretion>y      
sp5d+1 includ+ int]e/ & pr9cipal paym5ts
 on ! initial out/&+ debt1 less ! sum ( 
all pres5t value lifetime net ,f$]al tax
 burd5s fac+ liv+ adult g5]ations ov]   
#ah ye>s ( age2 &  7ii7 ! lifetime net  
,f$]al tax burd5 ( g5]ations #ah ye>s ( 
age & "u1 z well z future g5]ations1    
increases ) ye> ( bir? at ! project$    
gr[? rate ( labor productivity2 &  7#d7 
! t]m net ,f$]al tax burd5 means !      
diff]5ce betwe5 ,f$]al taxes paid &     
transf] paym5ts receiv$4  4