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S. 2548: Intergenerational Financial Obligations Reform Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 29, 2021.

Intergenerational Financial Obligations Reform Act

This bill requires the Congressional Budget Office, the Office of Management and Budget, and the Government Accountability Office to provide various reports that include a fiscal gap analysis and a generational accounting analysis.

Under the bill, the fiscal gap generally refers to the sum of (1) the total amount of Treasury liabilities outstanding on the last day of the budget year, and (2) the discounted present value of the projected difference between federal spending and revenues during the period of the budget year and at least the next 75 fiscal years (excluding spending for net interest and principal payments on Treasury liabilities).

A generational accounting analysis addresses the fiscal impact that projected federal spending and tax burdens will have on various generations of individuals.