[Congressional Record Volume 157, Number 10 (Tuesday, January 25, 2011)]
[Senate]
[Page S128]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By 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):
  S. 3. A bill to promote fiscal responsibility and control spending; 
to the Committee on Finance.
  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. 3

       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.
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