PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Government Management, Organization, and Procurement.
Congressional Research Service
Version 00 · Introduced in House · Oct 24, 2007
Truth in Accounting Act of 2007 - 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.
People & committees
Rep. Bachmann, Michele [R-MN-6] · R–MN
Legislative record
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Referred to the Subcommittee on Government Management, Organization, and Procurement.
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 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 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.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Sep 8, 2026. Consult Congress.gov for the current record.
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Analyze H.R.3958 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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