Federal Insurance Budgeting Act of 2005

[AI summary unavailable — showing source text] Truth in Budgeting and Social Security Protection Act of 2005 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) (BBEDC) to extend discretionary spending caps and pay-as-you-go (PAYGO) requirements. Amends the Congressional Budget Act of 1974 (CBA) to prescribe authority and criteria for designation of emergency requirements, as well as points of order against such a designation. Amends BBEDC to extend indefinitely certain budget enforcement mechanisms of discretionary spending limits (caps). Amends CBA to require: (1) proposed legislation to contain a projection by the Congressional Budget Office (CBO) of the cost of debt servicing for measures; (2) conference reports to contain amounts allocated to the Committee on Appropriations subcommittees; and (3) the CBO to report on proposed legislation or conference reports by any committee that contain cost riders that are likely to increase the cost path of a measure. Requires the President to report to specified congressional committees in January of each year on the fiscal exposures of the Federal Government and their implications for long-term financial health. Federal Insurance Budgeti…