creases with year of birth at the projected 
growth rate of labor productivity. 
(4) NET
FEDERAL
TAX
BURDEN.—The term 
‘‘net Federal tax burden’’ means the difference be-
tween Federal taxes paid and transfer payments re-
ceived. 
SEC. 3. THE CONGRESSIONAL BUDGET OFFICE REPORT. 
Section 202(e) of the Congressional Budget Act of 
1974 is amended by inserting at the end the following: 
‘‘(4)(A) For any legislation or resolution consid-
ered in the Senate or the House of Representatives 
that would impact revenues or mandatory spending 
by greater than 0.5 percent of gross domestic prod-
uct over the following 10-fiscal year period and upon 
request relating to such legislation or resolution by 
the Chairmen or Ranking Members of the Commit-
tees on the Budget of the House of Representatives 
or the Senate, the Congressional Budget Office shall 
be required to provide, with respect to such legisla-
tion or resolution— 
‘‘(i) a fiscal gap and generational account-
ing analysis, including the change in the fiscal 
gap and generational accounting analysis rel-
ative to the baseline; and 
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‘‘(ii) the Federal deficit, at current spend-
ing levels, in the fiscal year that is 75 years and 
the stock of the debt in the 75th year after the 
fiscal year in which the legislation is being con-
sidered. 
‘‘(B) In this paragraph— 
‘‘(i) the term ‘fiscal gap’ means an eco-
nomic analysis that— 
‘‘(I) calculates the difference between 
the present value of all projected future 
Federal spending, including interest and 
principal payments on the initial out-
standing debt, and the present value of all 
projected future Federal revenues, over an 
infinite time horizon; 
‘‘(II) calculates the permanent Fed-
eral revenue increases and spending reduc-
tions and identifies the combination of fis-
cal policy options starting in the budget 
year, and 5, 10, 15, and 25 years after the 
budget year, needed to eliminate the infi-
nite horizon fiscal gap calculated as of the 
budget year; and 
‘‘(III) calculates the increases in the 
levels of annual rates of economic growth 
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factors, including technological change, 
labor productivity, and capital deepening, 
starting in the budget year, and 5, 10, 15, 
and 25 years after the budget year, needed 
to eliminate the infinite horizon fiscal gap 
calculated as of the budget year; 
‘‘(ii) the term ‘generation’ means a 1-year 
age cohort; 
‘‘(iii) the term ‘generational accounting’ 
means an economic analysis that calculates— 
‘‘(I) the projected present value life-
time net Federal tax burden facing each 
living adult generation over 18 years of 
age; and 
‘‘(II) the present value lifetime net 
Federal tax burdens facing each current 
generation of children 18 years of age and 
under, as well as each future generation, 
assuming— 
‘‘(aa) the sum of all present 
value lifetime net Federal tax burdens 
facing each current generation of chil-
dren 18 years of age and under, as 
well as each future generation, covers 
the present value of future discre-
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tionary spending, including interest 
and principal payments on the initial 
outstanding debt, less the sum of all 
present value lifetime net Federal tax 
burdens facing living adult genera-
tions over 18 years of age; and 
‘‘(bb) the lifetime net Federal tax 
burden of generations 18 years of age 
and under, as well as future genera-
tions, increases with year of birth at 
the projected growth rate of labor pro-
ductivity; and 
‘‘(iv) the term ‘net Federal tax burden’ 
means the difference between Federal taxes 
paid and transfer payments received.’’. 
SEC. 4. CBO ANNUAL REPORT. 
(a) IN GENERAL.—The Congressional Budget Office 
shall produce an annual fiscal gap and generational ac-
counting analysis within its annual ‘‘Long-Term Budget 
Outlook’’. 
(b) PUBLIC REPORT.—The Director of the Congres-
sional Budget Office shall post the report described in sub-
section (a) on the Congressional Budget Office public 
website. 
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SEC. 5. GAO ANNUAL REPORT. 
(a) IN GENERAL.—The Comptroller General shall 
produce an annual fiscal gap and generational accounting 
analysis within its annual ‘‘Long-Term Fiscal Outlook’’. 
(b) PUBLIC REPORT.—The Comptroller General shall 
post the report described in subsection (a) on the General 
Accountability Office public website. 
SEC. 6. THE PRESIDENT’S BUDGET. 
Section 1105 of title 31, United States Code, is 
amended— 
(1) in subsection (a), by— 
(A) redesignating paragraph (37) following 
paragraph (38) as paragraph (39); and 
(B) adding at the end the following: 
‘‘(40) an analysis including— 
‘‘(A) a fiscal gap and generational account-
ing analysis of the full budget proposal; 
‘‘(B) a fiscal gap and generational ac-
counting analysis of specific policy changes that 
would impact revenues or mandatory spending 
by greater than 0.5 percent of gross domestic 
product over the following 10-fiscal year period; 
and 
‘‘(C) the Federal deficit, at current spend-
ing levels, in the fiscal year that is 75 years and 
the stock of the debt in the 75th year after the 
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fiscal year in which the policy is being consid-
ered.’’; and 
(2) by inserting at the end the following: 
‘‘(i) For purposes of subsection (a)(40)— 
‘‘(1) the term ‘fiscal gap’ means an economic 
analysis that— 
‘‘(A) calculates the difference between the 
present value of all projected future Federal 
spending, including interest and principal pay-
ments on the initial outstanding debt, and the 
present value of all projected future Federal 
revenues, over an infinite time horizon; 
‘‘(B) calculates the permanent Federal rev-
enue increases and spending reductions and 
identifies the combination of fiscal policy op-
tions starting in the budget year, and 5, 10, 15, 
and 25 years after the budget year, needed to 
eliminate the infinite horizon fiscal gap cal-
culated as of the budget year; and 
‘‘(C) the increases in the levels of annual 
rates of economic growth factors, including 
technological change, labor productivity, and 
capital deepening, starting in the budget year, 
and 5, 10, 15, and 25 years after the budget 
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‘‘(ii) the lifetime net Federal tax bur-
den of generations 18 years of age and 
under, as well as future generations, in-
creases with year of birth at the projected 
growth rate of labor productivity; and 
‘‘(4) the term ‘net Federal tax burden’ means 
the difference between Federal taxes paid and trans-
fer payments received.’’. 
Æ 
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