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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4856 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4856

   To require the President's budget and the congressional budget to 
     disclose and display the net present value of future costs of 
                         entitlement programs.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 2010

Mr. Donnelly of Indiana (for himself, Mr. Cooper, Mr. Boyd, Ms. Herseth 
Sandlin, Mr. Minnick, Mr. Bright, Mr. Matheson, Mr. Kratovil, Mr. Hill, 
Mr. Shuler, Mr. Taylor, Mr. Ellsworth, Mr. Childers, Mr. Schrader, Mr. 
 Bishop of Georgia, Ms. Giffords, Mr. Salazar, Mr. Murphy of New York, 
  Mr. Carney, Mr. Michaud, Mr. Nye, and Mr. Melancon) introduced the 
following bill; which was referred to the Committee on the Budget, and 
in addition to the Committee on Rules, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL

 
   To require the President's budget and the congressional budget to 
     disclose and display the net present value of future costs of 
                         entitlement programs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``The Forecast for the Future Act of 
2010''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) the Government is on an unsustainable long-term fiscal 
        path;
            (2) the fiscal year 2009 Financial Report of the United 
        States Government (Department of the Treasury) projects that 
        entitlement programs total approximately $62 trillion in 
        present value terms over a 75-year projection period;
            (3) the current budget is written on a cash basis and does 
        not account for the huge cost of entitlement programs which 
        will come due in the future;
            (4) amending the Federal budget process laws to include 
        long-term liabilities and obligations would provide a more 
        complete and accurate assessment of the Nation's fiscal 
        condition; and
            (5) including the net present value of the future costs of 
        entitlement programs would be a valuable tool that would force 
        Congress to recognize the need to address its long-term 
        obligations when making annual budgetary decisions.

SEC. 3. PRESIDENT'S BUDGET.

    Section 1105(a) of title 31, United States Code, is amended by 
adding at the end the following new paragraph:
            ``(37) a detailed, separate analysis and display, by budget 
        function, by agency, and by program of the net present value of 
        future costs of each entitlement program for the fiscal year 
        for which the budget is submitted and each of the 4 ensuing 
        fiscal years.''.

SEC. 4. CONGRESSIONAL BUDGET.

    (a) Required Content.--Section 301(a) of the Congressional Budget 
Act of 1974 is amended by striking ``and'' at the end of paragraph (6), 
by striking the period and inserting ``; and'' at the end of paragraph 
(7), and by adding at the end the following new paragraph:
            ``(8) For display purposes only, for each entitlement 
        program, the net present value of the future costs of the 
        program over a 75-year time frame.''.
    (b) Hearings.--The Committees on the Budget of the House of 
Representatives and the Senate are each authorized and directed to hold 
hearings in each Congress with a goal of developing a plan to restore 
the Government to a sustainable long-term fiscal path.

SEC. 5. OMB AND CBO ANNUAL REPORTS ON THE FISCAL EXPOSURES OF THE 
              GOVERNMENT.

    (a) OMB.--On or before January 15 of each year, the Director of the 
Office of Management and Budget, after consultation with the 
Comptroller General and the Director of the Congressional Budget 
Office, shall submit to the President and the Congress a report 
listing--
            (1) the fiscal exposures of the Government; and
            (2) the net present value of the future costs of each 
        entitlement program over a 75-year time frame.
    (b) CBO.--Section 202(e) of the Congressional Budget Act of 1974 is 
amended by adding at the end the following new subsection:
            ``(4) Fiscal exposures report.--On or before January 15 of 
        each year, the Director, after consultation with the 
        appropriate committees of the House of Representatives and 
        Senate, shall submit to the Congress a report listing (A) the 
        fiscal exposures of the Government and (B) the net present 
        value of the future costs of each entitlement program over a 
        75-year time frame.''.
                                 <all>
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