Transparent and Sustainable Budget Act of 2011

[AI summary unavailable — showing source text] Transparent and Sustainable Budget Act of 2011 - Amends the Internal Revenue Code to require the Secretary of the Treasury to provide via U.S. mail a tax receipt, with specified information on spending categories, to each individual taxpayer who filed an income tax return for the preceding taxable year. Amends Rule XXI (Restrictions on Certain Bills) of the House of Representatives to restore Pay-As-You-Go (PAYGO) requirements. (Thus repeals certain Cut-As-You-Go (CUTGO) requirements.) Eliminates the authority of the chairman of the House Budget Committee to unilaterally set spending limits. Amends the Congressional Budget Act of 1974 to require: (1) the Director of the Congressional Budget Office (CBO) to include a descriptive analysis for the second decade budget impact of a measure when submitting a cost estimate of it, and (2) the Joint Committee on Taxation (JCT) to provide such an analysis when it submitting revenue estimates to CBO. Requires CBO and the JCT to provide a net present value estimate for costs outside the first 10-year budget window for such a cost or revenue estimate. Requires the Office of Management and Budget (OMB) to publish a report on the size, scope, ris…