S.3 - Fiscal Responsibility and Spending Control Act

A bill to promote fiscal responsibility and control spending. view all titles (2)

All Bill Titles

  • Official: A bill to promote fiscal responsibility and control spending. as introduced.
  • Short: Fiscal Responsibility and Spending Control Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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01/24/11
 
 
 
 
 
 
 

Official Summary

1/25/2011--Introduced.Fiscal Responsibility and Spending Control Act - Expresses the sense of the Senate that Congress should: (1) address the rising national debt and long-term fiscal challenges through a bipartisan agreement that significantly corrects our nation's long-term fiscal

Official Summary

1/25/2011--Introduced.Fiscal Responsibility and Spending Control Act - Expresses the sense of the Senate that Congress should:
(1) address the rising national debt and long-term fiscal challenges through a bipartisan agreement that significantly corrects our nation's long-term fiscal imbalances, closes the gap between projected revenues and expenditures, ensures U.S. economic security, and enhances future prosperity and growth;
(2) reduce the deficit and stabilize the national debt without damaging the economic recovery;
(3) consider deficit reduction proposals by leading budget experts and establish a plan that can attract broad bipartisan support;
(4) ensure that any plan to address long-term fiscal problems is balanced and provides fundamental reform of the federal tax code along with prudent controls on spending;
(5) eliminate tax expenditures that only serve special interests and take aggressive measures to close the tax gap and stop cheating;
(6) ensure that the tax code fairly distributes the tax burden and helps American businesses compete in the global marketplace;
(7) extend the solvency of Social Security 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 programs and activities while modernizing government procurement practices to reduce waste and leverage better value; 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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