I 
113TH CONGRESS 
1ST SESSION H. R. 2967 
To provide for fiscal gap and generational accounting analysis in the legisla-
tive process, the President’s budget, and annual long-term fiscal outlook 
reports. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 1, 2013 
Mr. SCHOCK (for himself and Mr. COOPER) introduced the following bill; 
which was referred to the Committee on the Budget 
A BILL 
To provide for fiscal gap and generational accounting anal-
ysis in the legislative process, the President’s budget, 
and annual long-term fiscal outlook reports. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Intergenerational Fi-
nancial Obligations Reform Act’’ or the ‘‘INFORM Act’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) FISCAL GAP.—The term ‘‘fiscal gap’’ means 
an economic analysis that— 
VerDate Mar 15 2010 
01:56 Aug 08, 2013
Jkt 029200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2967.IH
H2967
smartinez on DSK6TPTVN1PROD with BILLS
(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) calculates the increases in the levels of 
annual rates of economic growth factors, includ-
ing 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 ho-
rizon fiscal gap calculated as of the budget 
year. 
(2) GENERATION.—The term ‘‘generation’’ 
means a 1-year age cohort. 
VerDate Mar 15 2010 
01:56 Aug 08, 2013
Jkt 029200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2967.IH
H2967
smartinez on DSK6TPTVN1PROD with BILLS
(3) GENERATIONAL
ACCOUNTING.—The term 
‘‘generational accounting’’ means an economic anal-
ysis that calculates— 
(A) the projected present value lifetime net 
Federal tax burden facing each living adult gen-
eration over 18 years of age; and 
(B) 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— 
(i) the sum of all present value life-
time net Federal tax burdens facing each 
current generation of children 18 years of 
age and under, as well as each future gen-
eration, covers the present value of future 
discretionary spending, including interest 
and principal payments on the initial out-
standing debt, less the sum of all present 
value lifetime net Federal tax burdens fac-
ing living adult generations over 18 years 
of age; and 
(ii) the lifetime net Federal tax bur-
den of generations 18 years of age and 
under, as well as future generations, in-
VerDate Mar 15 2010 
01:56 Aug 08, 2013
Jkt 029200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2967.IH
H2967
smartinez on DSK6TPTVN1PROD with BILLS