Budget Integrity Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Budget Integrity Act''.

SEC. 2. LONG-TERM COST ANALYSES OF LEGISLATION BY CBO.

    Section 402 of the Congressional Budget Act of 1974 is amended by 
inserting ``(a) Cost Estimates.--'' after ``Sec. 402.'' and by adding 
at the end the following new subsections:
    ``(b) Long-Term Cost Estimates.--(1) Whenever the Director of the 
Congressional Budget Office prepares an analysis of the costs of a bill 
or joint resolution under subsection (a), and upon the request of the 
chair or ranking minority member of the Committee on the Budget of the 
House of Representatives or the Senate, the Director shall prepare and 
submit to such committee the information requested under paragraphs 
(1), (2), and (3) of subsection (a) for any such bill or joint 
resolution that would have a significant fiscal impact, except that 
such information shall be for, if practicable, at least each of the 
next two ten-fiscal-year periods beginning with the first fiscal year 
after the last fiscal year for which an analysis was prepared under 
subsection (a).
    ``(2) As used in paragraph (1) and in subsection (c), the term 
`significant fiscal impact', when applied to either of the two ten-
fiscal-year periods referred to in that paragraph, means any gross 
budgetary impact of at least 0.25 percent of gross domestic product.''.

SEC. 3. POINT OF ORDER AGAINST LEGISLATION INCREASING LONG-TERM 
              DEFICITS.

    (a) Point of Order.--It shall not be in order in the House of 
Representatives or the Senate to consider any bill, joint resolution, 
amendment, motion, or conference report that would cause a net increase 
in on-budget deficits in excess of $5,000,000,000 in any of the two 
consecutive 10-fiscal-year periods described in section 402(b) of the 
Congressional Budget Act of 1974.
    (b) Supermajority Waiver and Appeal in the Senate.--
            (1) Waiver.--This section may be waived or suspended only 
        by the affirmative vote of three-fifths of the Members, duly 
        chosen and sworn.
            (2) Appeal.--An affirmative vote of three-fifths of the 
        Members, duly chosen and sworn, shall be required to sustain an 
        appeal of the ruling of the Chair on a point of order raised 
        under this section.
    (c) Determinations of Budget Levels.--For purposes of this section, 
the levels of net deficit increases shall be determined on the basis of 
estimates provided by the Committee on the Budget of the House of 
Representatives or the Senate, as applicable.

SEC. 4. CBO AND OMB PROJECTIONS.

    (a) Congressional Budget Office.--(1) Section 308 of the 
Congressional Budget Act of 1974 is amended by adding at the end the 
following new subsections:
    ``(e) Long-Term Projections.--Each year, the Director of the 
Congressional Budget Office shall issue a report projecting total 
spending, revenue, deficits, and debt for at least 40 years beginning 
with the first fiscal year after the last fiscal year covered in the 
most recently enacted concurrent resolution on the budget as a 
percentage of current projected gross domestic product annually based 
on current law and current law levels as modified to maintain current 
policy.''.
    (2) Section 202(e)(1) of the Congressional Budget Act of 1974 is 
amended by adding at the end the following new sentence: ``Such report 
shall also include an analysis of the long-term projections of current 
policy and proposed policy in the budget submitted by the President for 
such fiscal year.''.
    (b) Office of Management and Budget.--Section 1105(a) of title 31, 
United States Code, is amended by adding at the end the following new 
paragraph:
            ``(40) long-term projections of total spending over 40 
        years as a percentage of gross domestic product annually and 
        the impact of proposed policies over that period.''.

SEC. 5. ESTABLISHMENT OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    The Rules of the House of Representatives are amended by adding at 
the end the following new rule:

                               ``RULE XXX

         ``Establishment of Statutory Limit on the Public Debt

    ``1. Upon adoption by Congress of a concurrent resolution on the 
budget for a fiscal year under section 301 or 304 of the Congressional 
Budget Act of 1974 that sets forth, as the appropriate level of the 
public debt for that fiscal year, an amount that is different from the 
amount of the statutory limit on the public debt that otherwise would 
be in effect for that fiscal year, the Clerk shall prepare an 
engrossment of a joint resolution increasing or decreasing, as the case 
may be, the statutory limit on the public debt in the form prescribed 
in clause 2. Upon engrossment of the joint resolution, the vote by 
which the concurrent resolution on the budget was finally agreed to in 
the House shall also be considered as a vote on passage of the joint 
resolution in the House, and the joint resolution shall be considered 
as passed by the House and duly certified and examined. The engrossed 
copy shall be signed by the Clerk and transmitted to the Senate for 
further legislative action.
    ``2. The matter after the resolving clause in a joint resolution 
described in clause 1 shall be as follows: `That subsection (b) of 
section 3101 of title 31, United States Code, is amended by striking 
out the dollar limitation contained in such subsection and inserting in 
lieu thereof ``$___''.', with the blank being filled with a dollar 
limitation equal to the appropriate level of the public debt set forth 
pursuant to section 301(a)(5) of the Congressional Budget Act of 1974 
for the budget year in the relevant concurrent resolution described in 
clause 1.
    ``3. (a) The report of the Committee on the Budget on a concurrent 
resolution described in clause 1 and the joint explanatory statement of 
the managers on a conference report to accompany such a concurrent 
resolution each shall contain a clear statement of the effect the 
eventual enactment of a joint resolution engrossed under this rule 
would have on the statutory limit on the public debt.
    ``(b) It shall not be in order for the House to consider a 
concurrent resolution described in clause 1, or a conference report 
thereon, unless the report of the Committee on the Budget or the joint 
explanatory statement of the managers complies with paragraph (a).
    ``4. Nothing in this rule shall be construed as limiting or 
otherwise affecting--
            ``(a) the power of the House or the Senate to consider and 
        pass bills or joint resolutions, without regard to the 
        procedures under clause 1, that would change the statutory 
        limit on the public debt; or
            ``(b) the rights of Members, Delegates, the Resident 
        Commissioner, or committees with respect to the introduction, 
        consideration, and reporting of such bills or joint 
        resolutions.
    ``5. In this rule the term `statutory limit on the public debt' 
means the maximum face amount of obligations issued under authority of 
chapter 31 of title 31, United States Code, and obligations guaranteed 
as to principal and interest by the United States (except such 
guaranteed obligations as may be held by the Secretary of the 
Treasury), as determined under section 3101(b) of such title after the 
application of section 3101(a) of such title, that may be outstanding 
at any one time.''.

SEC. 6. STUDY BY THE GOVERNMENT ACCOUNTABILITY OFFICE OF LONG-TERM 
              DEBT.

    (a) GAO Study.--Title IV of the Congressional Budget Act of 1974 is 
amended by inserting after section 402 the following new section:

   ``study by the government accountability office of long-term debt

    ``Sec. 403. The Government Accountability Office shall study the 
effect of the public debt over the 75-year period commencing with the 
year of the study of social service programs not included as 
liabilities on the balance sheet of the annual consolidated financial 
statements of the Government and report such results to the Congress. 
Such report shall be revised annually.''.
    (b) Table of Contents.--The table of contents set forth in section 
1(b) of the Congressional Budget and Impoundment Act of 1974 is amended 
by inserting after the item relating to section 402 the following new 
item:

``Sec. 403. Study by the Government Accountability Office of long-term 
                            debt.''.

Summary: Budget Integrity Act  This bill amends the Congressional Budget Act of 1974 to require the Congressional Budget Office (CBO) to prepare long-term cost estimates for reported legislation with a gross budgetary impact of at least 0.25% of gross domestic product in either of the next two 10-year periods.  The bill also creates a point of order against considering legislation in the House or the Senate that would cause a net increase in on-budget deficits above $5 billion in either of the two periods.  The CBO and the Office of Management and Budget must issue long-term budget projections that cover 40 years. The Government Accountability Office must report on the effects of long-term debt.  The bill amends the Rules of the House of Representatives to deem the House to have passed any necessary changes to the statutory debt limit upon adoption of the budget resolution.