Fair-Value Accounting and Budget Act

This bill requires the Congressional Budget Office to calculate the true long-term cost of federal loan and guarantee programs (like student loans or small business loans) using "fair-value" accounting standards, rather than traditional budgeting methods that only count initial costs. It mandates that these fair-value estimates be included in official budget reports and used by Congress to enforce spending limits. The Office of Management and Budget must also submit annual reports detailing these fair-value costs for all federal credit programs. The bill changes how program costs are measured but does not alter the programs themselves or their operation.