S.10 - Fiscal Responsibility Act of 2009

A bill to restore fiscal discipline and begin to address the long-term fiscal challenges facing the United States, and for other purposes. view all titles (3)

All Bill Titles

  • Official: A bill to restore fiscal discipline and begin to address the long-term fiscal challenges facing the United States, and for other purposes. as introduced.
  • Popular: Fiscal Responsibility Act of 2009 as introduced.
  • Short: Fiscal Responsibility Act of 2009 as introduced.

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Introduced
 
Senate
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House
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President
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01/06/09
 
 
 
 
 
 
 

Official Summary

Fiscal Responsibility Act of 2009 - Expresses the sense of Congress that Congress and the President should restore fiscal discipline and begin to address the long-term fiscal challenges facing the United States through certain measures. Specifies among such measures: (1) strong pay-as-you-g

Official Summary

Fiscal Responsibility Act of 2009 - Expresses the sense of Congress that Congress and the President should restore fiscal discipline and begin to address the long-term fiscal challenges facing the United States through certain measures. Specifies among such measures:
(1) strong pay-as-you-go rules, to help block the approval of measures that would increase the deficit; and
(2) recognition of warnings by both the Government Accountability Office (GAO) and the Congressional Budget Office (CBO) that the federal budget is on an unsustainable path of rising deficits and debt. Urges establishment of a process to:
(1) analyze the current and long-term federal actuarial financial condition and the gap between the federal projected revenues and expenditures;
(2) identify factors that affect the federal long-term fiscal balance;
(3) analyze potential courses of action to address them; and
(4) seek a bipartisan agreement, or set of agreements, that will significantly improve the nation's long-term fiscal imbalances and the gap between projected revenues and expenditures, ensure U.S. economic security, and expand future prosperity and growth for all Americans. Urges as well reviews of:
(1) all federal spending and tax expenditures by the Director of the Office of Management and Budget (OMB) to identify items that are outdated, inefficient, poorly run, unnecessary, or otherwise undeserving of scarce federal resources or in need of reform; and
(2) the current federal taxation system to ensure that burdens are borne fairly and equitably.

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