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Public Finance Transparency: Long-Term Government Obligations Analysis

This act aims to increase transparency in public finances by mandating the analysis of long-term government financial obligations. This will help citizens better understand how current decisions impact future generations and the nation's financial stability, enabling more informed assessments of fiscal policy.
Key points
Mandates reporting on long-term government financial obligations (fiscal gap and generational accounts) by the Congressional Budget Office (CBO), Government Accountability Office (GAO), and in the President's budget.
These reports will include projections of public debt and deficits 75 years into the future, showing how current spending and revenues affect future generations.
Analyses will consider various economic and demographic scenarios, allowing for an assessment of public finance sensitivity to changes in the economy and society.
This information will be publicly available, increasing citizens' awareness of the state of government finances and the challenges associated with long-term debt.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_5340
Sponsor: Rep. Murphy, Gregory [R-NC-3]
Process start date: 2021-09-22
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Intergenerational Financial Obligations Reform Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5340.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-09-22.

What are the main provisions?

Key points include:

  • Mandates reporting on long-term government financial obligations (fiscal gap and generational accounts) by the Congressional Budget Office (CBO), Government Accountability Office (GAO), and in the President's budget.
  • These reports will include projections of public debt and deficits 75 years into the future, showing how current spending and revenues affect future generations.
  • Analyses will consider various economic and demographic scenarios, allowing for an assessment of public finance sensitivity to changes in the economy and society.
  • This information will be publicly available, increasing citizens' awareness of the state of government finances and the challenges associated with long-term debt.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Murphy, Gregory [R-NC-3].

What is the latest detailed status?

The latest detailed status is: Sponsor introductory remarks on measure. (CR H5516)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Public Investments Taxes