II 110th CONGRESS 1st Session S. 10 IN THE SENATE OF THE UNITED STATES January 4, 2007 Mr. Reid (for himself, Mr. Conrad, Mr. Feingold, Mr. Schumer, Mr. Salazar, Ms. Cantwell, Mr. Leahy, Ms. Stabenow, Mr. Menendez, Mr. Kerry, Mr. Harkin, Ms. Landrieu, Mr. Durbin, Mr. Obama, and Mrs. Boxer) introduced the following bill; which was read twice and referred to the Committee on the Budget A BILL To reinstate the pay-as-you-go requirement and reduce budget deficits by strengthening budget enforcement and fiscal responsibility.

1.

Short title

This Act may be cited as the Restoring Fiscal Discipline Act of 2007.

2.

Pay-as-you-go point of order in the Senate

(a)

Pay-as-you-go point of order in the senate

(1)

In general

For purposes of Senate enforcement, it shall not be in order in the Senate to consider any direct spending or revenue legislation that would increase the on-budget deficit or cause an on-budget deficit for any one of the 4 applicable time periods as measured in paragraphs (5) and (6). (2)

Applicable time periods

For purposes of this subsection, the term applicable time periods means any 1 of the 4 following periods: (A)The current year. (B)The budget year. (C)The period of the 5 fiscal years following the current year. (D)The period of the 5 fiscal years following the 5 fiscal years referred to in subparagraph (C). (3)

Direct-spending legislation

For purposes of this subsection and except as provided in paragraph (4), the term direct-spending legislation means any bill, joint resolution, amendment, motion, or conference report that affects direct spending as that term is defined by, and interpreted for purposes of, the Balanced Budget and Emergency Deficit Control Act of 1985. (4)

Exclusion

For purposes of this subsection, the terms direct-spending legislation and revenue legislation do not include— (A)any concurrent resolution on the budget; or (B)any provision of legislation that affects the full funding of, and continuation of, the deposit insurance guarantee commitment in effect on the date of enactment of the Budget Enforcement Act of 1990. (5)

Baseline

Estimates prepared pursuant to this section shall— (A)use the baseline surplus or deficit used for the most recently adopted concurrent resolution on the budget; and (B)be calculated under the requirements of subsections (b) through (d) of section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985 for fiscal years beyond those covered by that concurrent resolution on the budget. (6)

Prior surplus

If direct spending or revenue legislation increases the on-budget deficit or causes an on-budget deficit when taken individually, it must also increase the on-budget deficit or cause an on-budget deficit when taken together with all direct spending and revenue legislation enacted since the beginning of the calendar year not accounted for in the baseline under paragraph (5)(A), except that direct spending or revenue effects resulting in net deficit reduction enacted pursuant to reconciliation instructions since the beginning of that same calendar year shall not be available. (b)

Waiver

This section may be waived or suspended in the Senate only by the affirmative vote of three-fifths of the Members, duly chosen and sworn. (c)

Appeals

Appeals in the Senate from the decisions of the Chair relating to any provision of this section shall be limited to 1 hour, to be equally divided between, and controlled by, the appellant and the manager of the bill or joint resolution, as the case may be. An affirmative vote of three-fifths of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section. (d)

Determination of budget levels

For purposes of this section, the levels of new budget authority, outlays, and revenues for a fiscal year shall be determined on the basis of estimates made by the Committee on the Budget of the Senate. (e)

Sunset

This section shall expire on September 30, 2012.

3.

Reconciliation for deficit reduction or increasing the surplus in the Senate

(a)

In general

It shall not be in order in the Senate to consider under the expedited procedures applicable to reconciliation in sections 305 and 310 of the Congressional Budget Act of 1974 any bill, resolution, amendment, amendment between Houses, motion, or conference report that increases the deficit or reduces the surplus in the first fiscal year covered by the most recently adopted concurrent resolution on the budget, the period of the first 5 fiscal years covered by the most recently adopted concurrent resolution on the budget, or the period of the 5 fiscal years following the first 5 fiscal years covered by the most recently adopted concurrent resolution on the budget. (b)

Budget resolution

It shall not be in order in the Senate to consider pursuant to sections 301, 305, or 310 of the Congressional Budget Act of 1974 pertaining to concurrent resolutions on the budget any resolution, concurrent resolution, amendment, amendment between the Houses, motion, or conference report that contains any reconciliation directive that would increase the deficit or reduce the surplus in the first fiscal year covered by the most recently adopted concurrent resolution on the budget, the period of the first 5 fiscal years covered by the most recently adopted concurrent resolution on the budget, or the period of the 5 fiscal years following the first 5 fiscal years covered by the most recently adopted concurrent resolution on the budget. (c)

Supermajority waiver and appeal

This section may be waived or suspended in the Senate only by an affirmative vote of 3/5 of the Members, duly chosen and sworn. An affirmative vote of 3/5 of the Members of the Senate, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under this section.