To amend the Congressional Budget Act of 1974 to establish a point of order to prohibit the extension of the statutory debt limit unless a concurrent resolution on the budget has been agreed to and is in effect, Federal spending is cut and capped, and a balanced budget amendment to the constitution has been sent to the States for ratification, and for other purposes.

Summary: Congressional Accountability in Budgeting and Spending Act - Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate to consider any legislation to extend the statutory debt limit unless: (1) for FY2013 the concurrent budget resolution has been agreed to and is in effect, providing for an allocation of new discretionary budget authority for FY2013 of no more than $1.027 trillion (excluding emergency spending and Overseas Contingency Operations); (2) for subsequent fiscal years a concurrent budget resolution has been agreed to and is in effect; (3) for any fiscal year before FY2013 the President's budget request proposes a balanced budget within 10 fiscal years in which total outlays do not exceed 21.7% of the prior year's estimated U.S. gross domestic product (GDP); (4) House and Senate Rules require two-thirds approval to increase federal income tax rates and prohibit consideration of any measure deeming that a budget resolution has been agreed to; (5) any raising of the debt limit is prohibited while the government is being funded by a continuing resolution; and (6) Congress has agreed to a balanced budget amendment to the Constitution.

Requires the Director of the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee a macroeconomic impact analysis of the costs of such legislation for: (1) the fiscal year in which the measure is to become effective, and (2) in each of the four following fiscal years. Permits waiver or suspension of this requirement only by a two-thirds vote in the House or the Senate.

Defines "major bill or resolution" as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. GDP for that fiscal year.

Requires the analysis to describe: (1) the potential economic impact of the measure on major economic variables, including real GDP, business investment, the capital stock, employment, interest rates, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.

Requires certain House committees to submit recommendations to the Committee on the Budget, which shall report to the House a reconciliation bill carrying them out without substantive revision.

Directs the Committee on the Budget to report to the House a bill to amend the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to replace the sequester established by the Budget Control Act of 2011.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Congressional Accountability in 
Budgeting and Spending Act''.

SEC. 2. POINT OF ORDER AGAINST CONSIDERATION OF DEBT LIMIT EXTENSION.

    (a) In General.--Title III of the Congressional Budget Act of 1974 
is amended by adding at the end the following new section:

``SEC. 316. POINT OF ORDER AGAINST CONSIDERATION OF EXTENSION OF 
              STATUTORY DEBT LIMIT.

    ``(a) Point of Order Against Consideration of Extension of 
Statutory Debt Limit.--It shall not be in order in the House of 
Representatives or the Senate to consider any bill or joint resolution, 
or amendment thereto or conference report thereon, to extend the 
statutory debt limit unless--
            ``(1)(A) in the case of fiscal year 2013, the concurrent 
        resolution on the budget for that fiscal year has been agreed 
        to and is in effect for the fiscal year during which such 
        measure is being considered and provides for an allocation 
        under section 302(a) of new discretionary budget authority for 
        fiscal year 2013 at a level not to exceed $1.027 trillion 
        (excluding emergency spending and Overseas Contingency 
        Operations); or
            ``(B) in the case of any subsequent fiscal year, a 
        concurrent resolution on the budget has been agreed to and is 
        in effect for the fiscal year during which such measure is 
        being considered;
            ``(2) before the year referred to in paragraph (1), the 
        budget submitted by the President to the Congress under section 
        1105(a) of title 31, United States Code, for any fiscal year 
        includes a proposed budget for the Government that within 10 
        fiscal years would be in balance and for which--
                    ``(A) total outlays do not exceed total receipts; 
                and
                    ``(B) total outlays do not exceed 21.7 percent of 
                the estimated gross domestic product of the United 
                States for the calendar year ending before the 
                beginning of such fiscal year;
            ``(3) the Rules of the House of Representatives and the 
        Standing Rules of the Senate require the approval of two-thirds 
        of the Members, duly chosen and sworn, to increase Federal 
        income tax rates;
            ``(4) there is a requirement that the statutory debt limit 
        may not be raised under any circumstance while the funding for 
        the Government is being carried out by a continuing resolution;
            ``(5) the Rules of the House of Representatives and the 
        Standing Rules of the Senate prohibit the consideration of any 
        measure deeming that a concurrent resolution on the budget has 
        been agreed to; and
            ``(6) the House of Representatives and the Senate have 
        agreed to an amendment to the Constitution of the United States 
        requiring a balanced budget for each fiscal year.
    ``(b) Macroeconomic Impact Analysis by Congressional Budget 
Office.--(1) The Director of the Congressional Budget Office shall 
prepare for each major bill or resolution reported by any committee of 
the House of Representatives or the Senate for which the Director 
prepares an analysis under section 402 and submit to such committee a 
macroeconomic impact analysis of the costs which would be incurred in 
carrying out such bill or resolution in the fiscal year in which it is 
to become effective and in each of the 4 fiscal years following such 
fiscal year, together with the basis for such analysis. The analysis 
shall be included in the report accompanying such bill or resolution.
    ``(2) The macroeconomic impact analysis referred to in paragraph 
(1) shall describe the potential economic impact of the applicable 
major bill or resolution on major economic variables, including real 
gross domestic product, business investment, the capital stock, 
employment, interest rates, and labor supply. The analysis shall also 
describe the potential fiscal effects of the bill or resolution, 
including any estimates of revenue increases or decreases resulting 
from changes in gross domestic product. To the extent practicable, the 
analysis should use a variety of economic models in order to reflect 
the full range of possible economic outcomes resulting from the bill or 
resolution. The analysis (or a technical appendix to the analysis) 
shall specify the economic and econometric models used, sources of 
data, relevant data transformations, and shall include such explanation 
as is necessary to make the models comprehensible to academic and 
public policy analysts.
    ``(c) Waivers.--Subsection (a) may be waived or suspended in the 
House of Representatives or the Senate only by the affirmative vote of 
two-thirds of its Members, duly chosen and sworn.
    ``(d) Appeals.--An affirmative vote of two-thirds of the Members, 
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 under subsection 
(a).''.
    (b) Conforming Amendment.--The table of contents set forth in 
section 1(b) of the Congressional Budget and Impoundment Control Act of 
1974 is amended by inserting after the item relating to section 315 the 
following new item:

``Sec. 316. Point of order against consideration of extension of 
                            statutory debt limit.''.

SEC. 3. DEFINITIONS.

    Section 3 of the Congressional Budget and Impoundment Control Act 
of 1974 is amended by adding at the end the following new paragraphs:
            ``(12) The term `macroeconomic impact analysis' means--
                    ``(A) an estimate of the changes in economic 
                output, employment, interest rates, capital stock, and 
                tax revenues expected to result from enactment of the 
                proposal;
                    ``(B) an estimate of revenue feedback expected to 
                result from enactment of the proposal; and
                    ``(C) a statement identifying the critical 
                assumptions and the source of data underlying that 
                estimate.
            ``(13) The term `major bill or resolution' means any bill 
        or resolution if the gross budgetary effects of such bill or 
        resolution for any fiscal year in the period for which an 
        estimate is prepared under section 316 is estimated to be 
        greater than .25 percent of the current projected gross 
        domestic product of the United States for any such fiscal year.
            ``(14) The term `budgetary effect', when applied to a major 
        bill or resolution, means the changes in revenues, outlays, 
        deficits, and debt resulting from that measure.
            ``(15) The term `revenue feedback' means changes in revenue 
        resulting from changes in economic growth as the result of the 
        enactment of any major bill or resolution.''.

SEC. 4. SEQUESTRATION AND DIRECTIVE TO THE COMMITTEE ON THE BUDGET OF 
              THE HOUSE OF REPRESENTATIVES.

    (a) Sequestration.--
            (1) Submissions of spending reduction.--Not later than 
        April 27, 2012, the House committees named in paragraph (2) 
        shall submit recommendations to the Committee on the Budget of 
        the House of Representatives. After receiving those 
        recommendations, such committee shall report to the House a 
        reconciliation bill carrying out all such recommendations 
        without substantive revision.
            (2) Instructions.--
                    (A) Committee on agriculture.--The Committee on 
                Agriculture shall submit changes in laws within its 
                jurisdiction sufficient to reduce the deficit by 
                $8,200,000,000 for the period of fiscal years 2012 and 
                2013; by $19,700,000,000 for the period of fiscal years 
                2012 through 2017; and by $33,200,000,000 for the 
                period of fiscal years 2012 through 2022.
                    (B) Committee on energy and commerce.--The 
                Committee on Energy and Commerce shall submit changes 
                in laws within its jurisdiction sufficient to reduce 
                the deficit by $3,750,000,000 for the period of fiscal 
                years 2012 and 2013; by $28,430,000,000 for the period 
                of fiscal years 2012 through 2017; and by 
                $96,760,000,000 for the period of fiscal years 2012 
                through 2022.
                    (C) Committee on financial services.--The Committee 
                on Financial Services shall submit changes in laws 
                within its jurisdiction sufficient to reduce the 
                deficit by $3,000,000,000 for the period of fiscal 
                years 2012 and 2013; by $16,700,000,000 for the period 
                of fiscal years 2012 through 2017 and by 
                $29,800,000,000 for the period of fiscal years 2012 
                through 2022.
                    (D) Committee on the judiciary.--The Committee on 
                the Judiciary shall submit changes in laws within its 
                jurisdiction sufficient to reduce the deficit by 
                $100,000,000 for the period of fiscal years 2012 and 
                2013; by $11,200,000,000 for the period of fiscal years 
                2012 through 2017; and by $39,700,000,000 for the 
                period of fiscal years 2012 through 2022.
                    (E) Committee on oversight and government reform.--
                The Committee on Oversight and Government Reform shall 
                submit changes in laws within its jurisdiction 
                sufficient to reduce the deficit by $2,200,000,000 for 
                the period of fiscal years 2012 and 2013; by 
                $30,100,000,000 for the period of fiscal years 2012 
                through 2017; and by $78,900,000,000 for the period of 
                fiscal years 2012 through 2022.
                    (F) Committee on ways and means.--The Committee on 
                Ways and Means shall submit changes in laws within its 
                jurisdiction sufficient to reduce the deficit by 
                $1,200,000,000 for the period of fiscal years 2012 and 
                2013; by $23,000,000,000 for the period of fiscal years 
                2012 through 2017; and by $53,000,000,000 for the 
                period of fiscal years 2012 through 2022.
    (b) Directive to the Committee on the Budget of the House of 
Representatives To Replace the Sequester Established by the Budget 
Control Act of 2011.--
            (1) Submission.--In the House, the Committee on the Budget 
        shall report to the House a bill carrying out the directions 
        set forth in paragraph (2).
            (2) Directions.--The bill referred to in paragraph (1) 
        shall include the following provisions:
                    (A) Replacing the sequester established by the 
                budget control act of 2011.--The language shall amend 
                section 251A of the Balanced Budget and Emergency 
                Deficit Control Act of 1985 to replace the sequester 
                established under that section consistent with this 
                bill.
                    (B) Application of provisions.--The bill referred 
                to in paragraph (1) shall include language making its 
                application contingent upon the enactment of the 
                reconciliation bill referred to in subsection (a).