Second Look at Wasteful Spending Act of 2007

A bill to establish a new budget process to create a comprehensive plan to rein in spending, reduce the deficit, and regain control of the Federal budget process.

5/22/2007--Introduced.
Stop Over Spending Act of 2007 - Second Look at Wasteful Spending Act of 2007 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to transmit annually to Congress a maximum of four special messages that propose to rescind dollar amounts of discretionary budget authority, items of direct spending, and targeted tax benefits.
Requires an analysis by:
(1) the Congressional Budget Office (CBO) of an estimated savings in budget authority or outlays resulting from such rescission; and
(2) the Joint Committee on Taxation of an estimated savings resulting from repeal of targeted tax benefits.
Requires any rescinded budget authority, items of direct spending, or targeted tax benefit to be dedicated only to deficit reduction, and not to be used as an offset for other spending increases or revenue reductions.
Provides for adjustment of:
(1) committee allocations resulting from such rescission; and
(2) applicable limits, as appropriate, under this Act.
Sets forth procedures for expedited congressional consideration of a proposed rescission.
Requires:
(1) the President to issue an order fully implementing without change all sequestrations required by the Office of Management and Budget (OMB) in its Final Sequestration Report; and
(2) the Government Accountability Office (GAO) to report to Congress and the President on the order's compliance with this Act.
Prescribes requirements for discretionary sequestration reports by OMB and GAO, discretionary spending and maximum deficit limits, federal tax gap initiative, executive and legislative branch sequestration procedures, and congressional response to low economic growth.
Provides adjustments in such discretionary spending limits for:
(1) the Global War on Terrorism overseas;
(2) U.S. forces in such War;
(3) addressing deficiencies at Walter Reed Army Medical Center for injured individuals resulting from such War;
(4) continuing disability reviews and Supplemental Security Income (SSI) redeterminations for the Social Security Administration;
(5) health care fraud and abuse; and
(6) unemployment insurance improper payment reviews.
Authorizes the President to exempt military personnel accounts from sequestration or provide a lower uniform percentage reduction.
Prohibits the President's budget from exceeding the maximum deficit amount for any fiscal year.
Requires biennial budget resolutions, appropriations Acts, and government strategic and performance plans.
Establishes the National Commission on Entitlement Solvency and the Commission on Congressional Budgetary Accountability and Review of Federal Agencies.
Amends the Congressional Budget Act of 1974 to revise budget resolution requirements.
Authorizes the chairman of the Committee on the Budget to notify the Senate of a Medicare funding warning. Makes it out of order to consider any legislation that would cause any increase in direct spending, net of proposals to change direct spending receipts, or revenues contained in the measure if the Senate has been notified of such warning for two consecutive calendar years.
Makes it out of order in the Senate to consider legislation that includes a federal income tax rate increase.
Requires the concurrent resolution on the budget, for any year when the CBO projects an on-budget deficit (excluding Social Security) for the budget year or any subsequent fiscal year, except in specified circumstances, to:
(1) reduce on-budget deficits relative to the CBO projections and put the budget on a path to achieve on-budget balance within five years; and
(2) include provisions to protect Social Security and facilitate deficit reduction, other than reducing Social Security benefits.
Requires the CBO to prepare an estimate for legislation reported from committee (except measures within the jurisdiction of the Committee on Appropriations) on whether the measure would cause a net increase in direct spending exceeding $5 billion in any of the four 10-year periods between FY2016-FY2055.
Sets forth provisions avoiding Pay-As-You-Go points of order in the Senate against consideration of appropriations legislation.
Provides for such Pay-As-You-Go points of order in certain circumstances.


... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Judd Gregg [R, NH]
• and 26 Co-Sponsors
  • Sen. Lamar Alexander [R, TN]
  • Sen. Wayne Allard [R, CO]
  • Sen. Samuel Brownback [R, KS]
  • Sen. Jim Bunning [R, KY]
  • Sen. C. Saxby Chambliss [R, GA]
  • Sen. Bob Corker [R, TN]
  • Sen. John Cornyn [R, TX]
  • Sen. Larry Craig [R, ID]
  • Sen. Michael Crapo [R, ID]
  • Sen. Jim DeMint [R, SC]
  • Sen. Elizabeth Dole [R, NC]
  • Sen. Pete Domenici [R, NM]
  • Sen. John Ensign [R, NV]
  • Sen. Michael Enzi [R, WY]
  • Sen. Lindsey Graham [R, SC]
  • Sen. John Isakson [R, GA]
  • Sen. Jon Kyl [R, AZ]
  • Sen. Trent Lott [R, MS]
  • Sen. Mel Martinez [R, FL]
  • Sen. Mitch McConnell [R, KY]
  • Sen. Jefferson Sessions [R, AL]
  • Sen. John Sununu [R, NH]
  • Sen. Craig Thomas [R, WY]
  • Sen. John Thune [R, SD]
  • Sen. David Vitter [R, LA]
  • Sen. George Voinovich [R, OH]
  close

Committees

• Senate Budget

Amendments

This bill has no amendments.

Amendments to S.15

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 22, 2007

Show All Actions (3 actions)Hide Actions

All Bill Actions

• May 22, 2007: Read twice and referred to the Committee on the Budget.
• May 22, 2007: Sponsor introductory remarks on measure. (CR S6463-6464)
• Introduced on May 22, 2007.

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Related Issue Areas:

• Budgets
• Administrative remedies
• Aged
• Appropriations
• 52 more
• Armed forces
• Armed forces abroad
• Balanced budgets
• Biennial budgets
• Budget deficits
• Budget resolutions
• Congress
• Congressional budget
• Congressional committees (Senate)
• Congressional investigations
• Congressional reporting requirements
• Counterterrorism
• Defense budgets
• Defense economics
• Defense policy
• District of Columbia
• Entitlements
• Executive departments
• Expedited congressional procedure
• Federal advisory bodies
• Federal budget process
• Foreign policy
• Government spending reductions
• Health care fraud
• Health policy
• Income tax
• International affairs
• Labor
• Law
• Legislation
• Medical care
• Medicare
• Medicine
• Military hospitals
• Military medicine
• Military operations
• Performance measurement
• Planning-programming-budgeting
• Rescission of appropriated funds
• Senate Budget
• Senate rules and procedure
• Social security
• Social security finance
• Strategic planning
• Supplemental security income program
• Tax expenditures
• Tax rates
• Taxation
• Terrorism
• Unemployment insurance
• War casualties
• Welfare

Data from the Congressional Research Service

In the News

September 10, 2007 POLICE REPORTS

Rogers incidents • At 8: 07 am Tuesday, Durward Hall reported graffiti on a house at 908 S. 15 th St. • At 8: 35 am Tuesday, Erin Poe reported that a former ...

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Source: Benton County Daily Record, AR

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September 10, 2007 Restaurant inspections

22 EZ Mart 434 1540 S. 15 th St., Fayetteville No critical violations noted. Noncritical violations include: clean ceiling air vent shrouds. ...

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Source: Northwest Arkansas Times, AR

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