Congressman Kerry Bentivolio

Representing the 11th District of Michigan

Rep. Bentivolio cosponsors bill to increase fiscal transparency

Oct 9, 2013
Press Release

WASHINGTON, DC – Today, Congressman Kerry Bentivolio announced his co-sponsorship of HR 2967, the Intergeneration Financial Obligations (INFORM) Act. Several estimates suggest that the federal government has tens of trillions on dollars in unfunded liabilities. The INFORM Act requires the federal government to expose the truth about those unfunded liabilities by reporting various statistics throughout the budgeting process, allowing Americans to assess the promises being made by Congress.

“I was sent to Washington to tackle our nation’s debt and spending problem. This is one of the many steps necessary to curb our country’s addiction to debt,” said Rep. Kerry Bentivolio. “By forcing the federal government to divulge the truth about our future obligations, the INFORM Act will allow the public to access all of the facts regarding our nation’s debt crisis. The American people want and deserve to know the entirety of our fiscal situation.”

This bill:

-Requires the Congressional Budget Office (CBO) to provide information on any legislation that would impact revenues or mandatory spending by greater than 0.5% of gross domestic product (GDP) over the following 10-fiscal-year period, and upon request by the congressional budget committees.

Requires such information to comprise:

·       a fiscal gap and generational accounting analysis, including any change in the analysis relative to the baseline; and

·       the federal deficit, at current spending levels, in the fiscal year that is 75 years after the fiscal year in which the legislation is being considered, as well as the stock of the debt in that 75th year.

-Requires the CBO to produce an annual fiscal gap and generational accounting analysis within its annual "Long-Term Budget Outlook" and post it on the CBO public website.

-Requires the Comptroller General to produce a separate similar analysis within its annual "Long-Term Fiscal Outlook" and post it on the General Accountability Office (GAO) public website.

-Requires the President's budget submission to Congress to include:

·       a fiscal gap and generational accounting analysis of the full budget proposal;

·       the same kind of analysis of specific policy changes that would impact revenues or mandatory spending by greater than 0.5% of GDP over the following 10-fiscalyear period; and

·       the federal deficit, at current spending levels, in the fiscal year that is 75 years after the fiscal year in which the legislation is being considered, as well as the stock of the debt in that 75th year.

The INFORM Act was introduced by a bi-partisan coalition, including Rep. Aaron Schock (R-IL), Rep. Jim Cooper (D-TN), Rep. Joe Pitts (R-PA), and Rep. Todd Young (R-IN) on August 1st, 2013. It has been referred to the House Budget Committee.