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Dear Congress & President Obama: Enact the INFORM Act
The INFORM Act (S.1351 / H.R. 2967) is a bipartisan piece of legislation to reveal the full size and intergenerational consequences of our countrys fiscal imbalance.
We, the undersigned urge you to pass the Intergenerational Financial Obligations Reform (INFORM) Act, a bipartisan bill introduced by Senator Tim Kaine (D-Va.) and Senator John Thune (R S.D.) and by Representative Jim Cooper (D-Tenn.) and Representative Aaron Schock (R-Ill.).
The INFORM ACT requires the Congressional Budget Office (CBO), the Government Accountability Office (GAO), and the Office of Management and Budget (OMB) to do fiscal gap and generational accounting on an annual basis to assess the sustainability of fiscal policy and measure, on a comprehensive basis, the fiscal obligations facing our children and future generations. The ACT also permits Congress to request fiscal gap and generational accounting to evaluate major proposed changes to fiscal policy.
The fiscal gap is defined as the present value of all projected future expenditures, including interest and principal payments on outstanding federal debt, less the present value of all projected future taxes and other receipts, including income accruing from the governments current ownership of financial assets.
