New Kaine proposal projects better long-term fiscal planning

Sens. Timothy M. Kaine, D-Va., and John Thune, R-S.D., today introduced a bipartisan bill that would provide for detailed analyses of how Congressional budgets and major pieces of new legislation would impact future generations.

“As we look to make tough budget decisions, more information is critical to making prudent fiscal choices,” Kaine said. “A better understanding of the long term impacts of changes in the economy, or new spending and tax policies, will help us evaluate these programs with the important perspective of how those decisions will affect future generations, not just our own.”

The Intergenerational Financial Obligations Reform (INFORM) Act would also require the president to provide a detailed accounting of how the administration’s budget would affect young people. It would provide Congress and the administration with the tools necessary to better evaluate the effect that changes in taxes, spending policies, and future economic advancements will have “on the fiscal health of the country and on individual Americans 20, 50, or even 75 years down the road,” according to a statement released by Kaine’s office today.

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