H.R. 7026 — Fiscal State of the Nation Act

This section establishes an annual joint hearing by the chairs of the House and Senate Budget Committees, no later than 45 days (excluding Saturdays, Sundays, and holidays) after the Secretary of the Treasury submits the federal government's audited annual financial statement, to receive a presentation from the Comptroller General reviewing the audit findings and analyzing the government's financial position—including net operating cost, income, budget deficits or surpluses—and sustainability measures such as long-term fiscal or social insurance projections. The presentation must follow Government Accountability Office standards for objective, nonpartisan information; the hearing adheres to applicable House and Senate rules (including public access and media coverage) and permits full participation by any Senator or House Member regardless of committee membership; the requirement applies to financial statements submitted on or after enactment.