Honest Deficit Recognition Act of 2006 - Amends the Congressional Budget Act of 1974 to revise content requirements for the required report from the House and Senate Budget Committees accompanying the concurrent resolution on the budget. Requires inclusion of information discussing the most recent financial report of the federal government, including a summary of the net operating cost, net position, and long-term liabilities of the government (accrual and long-term budgeting).
Expresses the sense of Congress that, in the preparation of the annual budget submission, the President should take such information into account and include a discussion of it in each such submission.