[Congressional Record Volume 153, Number 1 (Thursday, January 4, 2007)]
[Senate]
[Pages S49-S50]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By 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, and 
        Mr. Obama):
  S. 10 A bill to reinstate the pay-as-you-go requirement and reduce 
budget deficits by strengthening budget enforcement and fiscal 
responsibility; to the Committee on the Budget.
  Mr. REID. Mr. President, I ask unanimous consent that the text of the 
bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 10

       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 ``Restoring Fiscal Discipline 
     Act of 2007''.

     SEC. 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

[[Page S50]]

     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.

     SEC. 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.
                                 ______