{"database": "press", "table": "releases", "rows": [["https://web.archive.org/web/20140221093011/http://schock.house.gov/news/documentsingle.aspx?DocumentID=345427", "Schock Legislation Requires 75 year Fiscal Impact Analysis for New Proposals", "2013-08-07", "2013", "2013-08", "Republican", "House", "IL", "Aaron Schock", "S001179", "web.archive.org", null, null, "legacy", "Schock Legislation Requires 75 year Fiscal Impact Analysis for New Proposals  \n   \n    \n       \n      \n  \n    \n      f \n      t \n      #\n      e\n      \n      \n    \n    \n      \n        Washington,\n        Aug 7, 2013\n      \n       \n    \n  \n  \n  \n  \n  \n  \n  \n    \n      \n      \n      Congressman Aaron Schock (IL-18) has introduced the Intergenerational Financial Obligations Reform Act, INFORM Act, designed to incorporate long-term fiscal impact and fiscal gap analysis into the budgeting and legislative process. Instead of the traditional 10-year budget window currently used to project federal government revenues and expenditures, Schock\u2019s legislation would expand this projection out to a 75 year horizon to allow Congress to better understand the fiscal impact of legislation and how it would affect projected long term spending versus long term tax receipts. \u201cThe INFORM Act is a smart tool Congress can use to gain a better understanding of the long-term financial decisions we are making when considering legislation; especially in light of a $17 trillion national debt. To fully grasp the impact legislation will have on future generations of Americans we need to see inside a window larger than 10 years, this bill will give us the view we need,\u201d said Schock. \u201cThis kind of legislation makes sense and is needed so that future generations can understand the fiscal strain put on them by policies being crafted in Washington. As we are going to see with Obamacare, much of the true fiscal impact of a piece of legislation is outside the 10-year window, keeping costs down early only to explode in years eleven to twenty.\u201d The INFORM Act would require the Congressional Budget Office (CBO), Government Accountability Office (GAO), and Office of Management and Budget (OMB) to incorporate fiscal gap and generational accounting analysis in the budgeting and legislative process. Fiscal gap analysis calculates the difference between projected government revenue and expenditures, beyond the traditional 10-year budget window. Generational accounting calculates the difference between taxes paid and benefits received for each living generation and future generations, to evaluate the liabilities transferred from one generation to the next.  The INFORM Act has been introduced in the U.S. Senate by Senators John Thune (R-SD), Rob Portman (R-OH), Tim Kaine (D-VA) and Chris Coons (D-DE).\n    \n  \n  \n  \n    \n      f \n      t \n      #\n      e", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://web.archive.org/web/20140221093011/http://schock.house.gov/news/documentsingle.aspx?DocumentID=345427"], "units": {}, "query_ms": 3.353507025167346, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}