[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 10 Placed on Calendar Senate (PCS)]






                                                        Calendar No. 10
111th CONGRESS
  1st Session
                                 S. 10

To restore fiscal discipline and begin to address the long-term fiscal 
      challenges facing the United States, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 6, 2009

 Mr. Reid (for himself, Mr. Conrad, Mr. Levin, Mr. Begich, Mr. Carper, 
Mr. Durbin, Mrs. Boxer, Mr. Menendez, Mr. Bingaman, Ms. Stabenow, Mrs. 
McCaskill, Ms. Klobuchar, Mrs. Clinton, Mr. Schumer, Ms. Mikulski, and 
Mr. Brown) introduced the following bill; which was read the first time

                            January 7, 2009

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 A BILL


 
To restore fiscal discipline and begin to address the long-term fiscal 
      challenges facing the United States, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fiscal Responsibility Act of 2009''.

SEC. 2. SENSE OF CONGRESS ON FISCAL RESPONSIBILITY.

    It is the sense of Congress that Congress and the President should 
restore fiscal discipline and begin to address the long-term fiscal 
challenges facing the United States through--
            (1) strong pay-as-you-go rules, to help block the approval 
        of measures that would increase the deficit;
            (2) recognition of warnings by both the Government 
        Accountability Office and the Congressional Budget Office that 
        the Federal budget is on an unsustainable path of rising 
        deficits and debt;
            (3) establishment by Congress and the President of a 
        process--
                    (A) to analyze--
                            (i) the current and long-term actuarial 
                        financial condition of the Federal Government; 
                        and
                            (ii) the gap between the projected revenues 
                        and expenditures of the Federal Government;
                    (B) to identify factors that affect the long-term 
                fiscal balance of the Federal Government;
                    (C) to analyze potential courses of action to 
                address factors that affect the long-term fiscal 
                balance of the Federal Government;
                    (D) to seek a bipartisan agreement, or set of 
                agreements, that will--
                            (i) significantly improve the Nation's 
                        long-term fiscal imbalances and the gap between 
                        projected revenues and expenditures;
                            (ii) ensure the economic security of the 
                        United States; and
                            (iii) expand future prosperity and growth 
                        for all Americans;
            (4) a thorough review of all Federal spending and tax 
        expenditures by the Director of the Office of Management and 
        Budget, in consultation with the Secretary of the Treasury, 
        that identifies items that are outdated, inefficient, poorly 
        run, unnecessary, or otherwise undeserving of scarce Federal 
        resources or that are in need of reform; and
            (5) a review of the current system of taxation of the 
        United States to ensure that burdens are borne fairly and 
        equitably.
                                                        Calendar No. 10

111th CONGRESS

  1st Session

                                 S. 10

_______________________________________________________________________

                                 A BILL

To restore fiscal discipline and begin to address the long-term fiscal 
      challenges facing the United States, and for other purposes.

_______________________________________________________________________

                            January 7, 2009

            Read the second time and placed on the calendar