; (B) requiring the Comptroller General to periodically report to Congress on the consolidated financial report of the Federal Government; and (C) restructuring the baseline, as set forth in section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985, to treat mandatory spending and revenue on a comparable basis; and (7) achieve control over long-term budget obligations by— (A) establishing declining limits on the amount of debt incurred by the Federal Government from the private sector as a share of the economy that requires congressional action if such limits deviate from those previously determined by Congress and the President; and (B) codifying limits on the amount legislation can increase the deficit beyond the ten fiscal-year period of the concurrent resolution on the budget. 503. Policy statement on Federal regulatory budgeting and reform (a) Findings The House finds the following: (1) Federal regulations are estimated to cost $1.9 trillion per year or approximately $15,000 per household. Such costs exceed 10 percent of the Gross Domestic Product of the United States. (2) Excessive Federal regulation— (A) retards job creation, investment, wages, competition, and economic growth, slowing the Nation’s recovery from economic recession and harming American households; (B) operates as a regressive tax on poor and lower-income households; (C) displaces workers into long-term unemployment or lower-paying jobs; (D) adversely affects small businesses, the primary source of new jobs