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

1.

Short title

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

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the Office of Management and Budget, in consultation with the Secretary of the Treasury, that identifies items that are outdated, inefficient, poorly run, unnecessary, or otherwise undeserving of scarce Federal resources or that are in need of reform; and (5)a review of the current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.

January 7, 2009 Read the second time and placed on the calendar