(a)
Initial five-Year report— Not later than January 15, 2020, and each subsequent year, the Director of the Office of Management and Budget shall submit to the President for inclusion in his annual budget submission under section 1105(a) of title 31, United States Code, a report setting forth the following:
(1)
For all Acts affecting direct spending relative to the baseline enacted during the sixth calendar year before the calendar year in which this report is submitted, the total cost as estimated by the Director of the Congressional Budget Office for the then budget year and four outyears.
(2)
For all Acts affecting direct spending relative to the baseline enacted during the sixth calendar year before the calendar year in which this report is submitted, the actual total cost as computed by the Director of the Office of Management and Budget for the then budget year and four outyears.
(3)
For such 5-fiscal-year period, the net amount by which the actual cost of all such Acts exceeds the estimated cost of all such Acts, or the net amount by which the estimated cost of all such Acts exceeds the actual cost of all such Acts, as the case may be.
(4)
If the actual total cost of all such Acts exceeds the estimated total cost, then proposed legislative language to eliminate such excess cost.
(5)
If the actual total cost of all such Acts exceeds the estimated total cost, then a detailed statement of the most likely reasons why that occurred.
(6)
A list of each Act for which the actual total cost exceeded the estimated total cost for the applicable five-year period described in paragraph (3) and the dollar amount of such excess.
(b)
Follow-Up five-Year report— Not later than January 15, 2020, and each subsequent year, the Director of the Office of Management and Budget shall submit to the President for inclusion in his annual budget submission under section 1105(a) of title 31, United States Code, a report setting forth the following:
(1)
For all Acts affecting direct spending relative to the baseline enacted during the eleventh calendar year before the calendar year in which this report is submitted, the total cost as estimated by the Director of the Congressional Budget Office for the 5-fiscal-year period, the first fiscal year of which begins immediately after the last fiscal year covered by the corresponding initial five-year report under subsection (a).
(2)
For all Acts affecting direct spending relative to the baseline enacted during the eleventh calendar year before the calendar year in which this report is submitted, the actual total cost as computed by the Director of the Office of Management and Budget for the 5-fiscal-year period, the first fiscal year of which begins immediately after the last fiscal year covered by the corresponding initial five-year report under subsection (a).
(3)
For such 5-fiscal-year period, the net amount by which the actual cost of all such Acts exceeds the estimated cost of all such Acts, or the net amount by which the estimated cost of all such Acts exceeds the actual cost of all such Acts, as the case may be.
(4)
If the actual total cost of all such Acts exceeds the estimated total cost, then propose legislative language to eliminate such excess cost.
(5)
If the actual total cost of all such Acts exceeds the estimated total cost, then a detailed statement of the most likely reasons why that occurred.
(6)
A list of each Act for which the actual total cost exceeded the estimated total cost for the applicable five-year period described in paragraph (3) and the dollar amount of such excess.
(c)
Definition— As used in this section, the term “direct spending” has the meaning given such term in section 250(c)(8) of the Balanced Budget and Emergency Deficit Control Act of 1985.