[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                  S. 3

         To promote fiscal responsibility and control spending.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 25 (legislative day, January 5), 2011

 Mr. Reid (for himself, Mr. Durbin, Mrs. Feinstein, Mr. Brown of Ohio, 
Mr. Kerry, Mr. Bennet, Mrs. Gillibrand, Mr. Coons, Mrs. Boxer, and Mrs. 
   Shaheen) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
         To promote fiscal responsibility and control spending.

    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 and Spending 
Control Act''.

SEC. 2. SENSE OF THE SENATE.

    It is the sense of the Senate that Congress should--
            (1) address the growing public concern about our rising 
        national debt and long-term fiscal challenges through a 
        bipartisan agreement that--
                    (A) significantly corrects our Nation's long-term 
                fiscal imbalances and closes the gap between projected 
                revenues and expenditures;
                    (B) ensures the economic security of the United 
                States; and
                    (C) enhances future prosperity and growth for all 
                Americans;
            (2) reduce the Federal deficit and stabilize the national 
        debt without damaging the economic recovery;
            (3) consider deficit reduction proposals recently developed 
        by leading budget experts, including various members of the 
        National Commission on Fiscal Responsibility and Reform, and 
        establish a plan that can attract broad bipartisan support;
            (4) ensure that any plan to address our Nation's long-term 
        fiscal problems is balanced and provides fundamental reform of 
        the Federal tax code along with prudent controls on spending;
            (5) lower tax rates and raise Federal revenues by 
        eliminating tax expenditures that only serve special interests, 
        as well as take aggressive measures to close the tax gap and 
        stop cheating;
            (6) ensure that the Federal tax code fairly distributes the 
        tax burden and helps American businesses compete in the global 
        marketplace;
            (7) extend the solvency of Social Security for its own sake 
        and ensure that no savings are used to meet deficit reduction 
        goals in the remainder of the budget;
            (8) achieve savings through the elimination or 
        consolidation of duplicative Federal programs and activities 
        while also modernizing Federal procurement practices in order 
        to reduce waste and leverage better value out of every dollar 
        spent by the Federal Government; and
            (9) reject efforts to exempt tax breaks for millionaires 
        and special interests from strong pay-as-you-go budgetary 
        rules.
                                 <all>