Section 1 Short title
This Act may be cited as the “Budget Integrity Act”.
Budget Integrity Act
A BILL
To amend the Congressional Budget Act of 1974 to require that the Congressional Budget Office prepare long-term estimates for reported bills and joint resolutions that would have significant fiscal impact, and for other purposes.
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
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.
Supermajority waiver and appeal in the Senate—
Waiver— This section may be waived or suspended only by the affirmative vote of three-fifths of the Members, duly chosen and sworn.
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.
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
Congressional Budget Office—
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.”
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.”.
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:
Sec. 6 Study by the Government Accountability Office of long-term debt
GAO study— Title IV of the Congressional Budget Act of 1974 is amended by inserting after section 402 the following new section:
“403. Study by the Government Accountability Office of long-term debt
“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.”
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: