H.R.4856 - Forecast for the Future Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Donnelly, Joe [D-IN-2] (Introduced 03/16/2010)|
|Committees:||House - Budget; Rules|
|Latest Action:||03/16/2010 Referred to House Rules (All Actions)|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.4856 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (03/16/2010)
Forecast for the Future Act of 2010 - Requires the President's budget to Congress to include a detailed, separate analysis and display, by budget function, agency, and program, of the net present value of future costs of each entitlement program for the fiscal year for which the budget is submitted and each of the four ensuing fiscal years.
Amends the Congressional Budget Act of 1974 (CBA) to require concurrent budget resolutions to include, for display purposes only and for each entitlement program, the net present value of the future costs of the program over a 75-year time frame.
Directs the congressional budget committees to hold hearings in each Congress with a goal of developing a plan to restore the government to a sustainable long-term fiscal path.
Requires the Director of the Office of Management and Budget (OMB) to submit to the President and Congress a report listing: (1) the fiscal exposures of the government; and (2) the net present value of the future costs of the program over a 75-year time frame.
Amends the CBA to require the Director of the Congressional Budget Office (CBO) to submit a similar report to Congress.