Budget Process Improvement Act of 2011

[AI summary unavailable — showing source text] Budget Process Improvement Act of 2011 - Amends the Congressional Budget Act of 1974 (CBA) 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 its submitting revenue estimates to CBO. Requires the Office of Management and Budget (OMB) to publish a report on the size, scope, risk, and cost of the contingent federal liabilities, including the implicit guarantees to government sponsored enterprises (GSEs) such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Requires the Secretary of the Treasury to conduct performance reviews of JCT identified tax expenditures on an ongoing basis. Requires OMB to: (1) develop a proposal for the implementation of an accrual-based accounting system for certain portions of the budget, and (2) report to Congress on legislation necessary to implement such system. Requires CBO, in conjunction with JCT, to publish a report that projects annual federal revenues by source ov…