Senate odd couple John Thune, R-S.D., and Tim Kaine, D-Va., have introduced a bill that would require the Congressional Budget Office to evaluate legislation over 20, 50 or even 75 years into the future. It would also require the CBO and Government Accountability Office to release yearly reports on the long-term impact that high levels of debt will have down the road.
Currently, the CBO only accounts for 10 years of analysis, which has led to it finding certain bills, such as the immigration bill, cutting the deficit in the near-term. When those bills are viewed over a 75-year period, the effect on the economy is far different.
“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.”