3.0.0 1279 2023-01-11T16:32:44Z 2023-01-11T16:32:44Z Senate S S 2007-05-03 110 ssbu00 Budget Committee Senate Standing Referred to 2007-05-03T14:36:52Z 2007-05-03 ssbu00 Budget Committee Senate Read twice and referred to the Committee on the Budget. IntroReferral 2007-05-03 Introduced in Senate IntroReferral 10000 9 Library of Congress V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. N Economics and Public Finance Biennial budgets Budget deficits Congress Congressional budget Federal advisory bodies Federal budget process Government Operations and Politics Government spending reductions Government trust funds Income tax Leases Legislation Legislative amendments Legislative resolutions Off-budget expenditures Senate rules and procedure Tax credits Tax refunds Taxation User charges Economics and Public Finance 00 2007-05-03 Introduced in Senate 2007-06-04T18:49:08Z Securing America's Future Economy Budget Process Reform Act, or SAFE Budget Process Reform Act - Amends the Congressional Budget Act of 1974 (CBA) to require adoption of a joint resolution by the House and Senate to extend discretionary spending caps in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Amends the Gramm-Rudman-Hollings Act to extend Pay-As-You-Go requirements, and certain deficit control rules.

Makes it out of order in the Senate to consider direct spending or revenue legislation that would cause a deficit or increase the deficit for any one of three applicable time periods.

Amends CBA to require the Congressional Budget Office (CBO) to prepare an estimate for legislation reported from committee (except measures within the jurisdiction of the Committee on Appropriations) or placed on the Senate Legislative Calendar, including related amendments or conference reports, on whether the measure would cause a net increase in direct spending in excess of $5 billion in any of the five 10-year periods beginning with the budget year.

Federal Insurance Budgeting Act of 2005 - Requires that, starting FY2012, the President's budget submission to Congress be based upon the risk-assumed cost of federal insurance programs for accrual budgeting purposes. Amends cost requirements of federal insurance programs.

Requires agencies responsible for federal insurance programs to develop models to estimate their risk-assumed cost by year.

Amends CBA to revise the federal and congressional budget processes by establishing a two-year budgeting and appropriations cycle and timetable. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year.

Establishes the Commission on Federal Budget Concepts.

Repeals Gramm-Rudman-Hollings Act requirements for emergency adjustments to spending legislation.

Amends CBA to prescribe requirements for such adjustments, including a reserve fund for emergencies.

]]> SAFE Budget Process Reform Act Display Title SAFE Budget Process Reform Act Official Title as Introduced A bill to secure America's future economy through reform of the Federal budget process. Introduced in Senate IS Short Titles as Introduced SAFE Budget Process Reform Act Short Titles as Introduced Securing America's Future Economy Budget Process Reform Act Short Titles as Introduced for portions of this bill Federal Insurance Budgeting Act of 2005 Introduced in Senate 2007-05-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1279is/xml/BILLS-110s1279is.xml 2007-05-03 Read twice and referred to the Committee on the Budget. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.