Truth in Accounting Act of 2009 - Requires the Secretary of the Treasury to include in the audited financial statement of executive branch accounts of the previous year a calculation of the net present value of the overall fiscal exposures of the U.S. government.
Requires such financial statement to include a program-by-program calculation of: (1) the generational imbalance; (2) the fiscal imbalance; and (3) the total amount of the fiscal imbalance plus the public debt.
Instructs the President, in preparing the federal budget, to take this financial statement into consideration, including the effect of the overall budget upon: (1) the generational imbalance calculation and the fiscal imbalance calculation; and (2) the net present value of the overall fiscal exposures of the federal government.
Directs the Secretary to testify each year before Congress on the financial statement for the preceding fiscal year.
Directs the Comptroller General to: (1) assess the financial condition of the U.S. government in an annual report to Congress; and (2) testify before Congress on that condition, upon request.
Introduced in House
Introduced in House
Referred to House Oversight and Government Reform
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Budget
Referred to the Subcommittee on Government Management, Organization, and Procurement.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line