Budget & Taxes (Audits & Accountability)

The Fiscal State of the Nation Act requires the chairs of the House and Senate Budget Committees to hold an annual joint hearing within 45 days after the Treasury submits its annual financial report. At this hearing, the Comptroller General must present a nonpartisan analysis of the federal government's financial condition, including budget deficits, surpluses, and long-term fiscal projections, based on the Treasury's report. The hearing must be open to the public and media, and all members of Congress may participate, regardless of committee membership. This requirement applies to financial reports submitted on or after the bill's enactment date.