Congressional Budget Reform Act

(h) Report on debt and deficit target

(1) In general. Not later than February 15 of each year, the Director shall make publicly available a report estimating whether the target for the ratio of the debt held by the public to the gross domestic product of the United States or the ratio of the deficit to the gross domestic product of the United States by the end of the last fiscal year covered by the most recently agreed to concurrent resolution on the budget will be achieved.

(2) Discretionary appropriations. In producing each estimate described in paragraph (1), the Director shall assume discretionary appropriations are made available in the amounts specified under the most recently agreed to concurrent resolution on the budget.

(3) Deficit reduction. For each report made available under paragraph (1), the Director—

(A) shall include an estimate of the level of deficit reduction required to achieve the target for either such ratio by the end of the last fiscal year covered by the most recently agreed to concurrent resolution on the budget; and

(B) in estimating the level of deficit reduction required, shall account for interest effects by reducing the target by the percentage equal to percent of deficit reduction stemming from interest changes assumed in the most recently agreed to concurrent resolution on the budget.