This bill requires the chairs of the House and Senate Budget Committees to hold a joint hearing within 45 business days after the Treasury submits the executive branch audited financial statement under 31 U.S.C. 331(e). The Comptroller General must present the audit findings and provide an analysis of the federal government's financial position, including measures such as net operating cost, income, budget deficits or surpluses, and long-term fiscal and social insurance projections. The presentation must follow the Government Accountability Office's Strategies and Means so it is professional, objective, fact-based, nonpartisan, nonideological, fair, and balanced. The hearing must be open to the public and media. Any Member of the House or Senator may participate in the hearing the same as a Budget Committee member. The requirement applies to audited financial statements submitted on or after enactment.
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The bill directs a regular, GAO-led presentation to give lawmakers professional, fact-based, nonpartisan information about the federal government's audited financial condition and long-term fiscal outlook.
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