A bill to reinstate the pay-as-you-go requirement and reduce budget deficits by strengthening budget enforcement and fiscal responsibility.

Summary: Restoring Fiscal Discipline Act of 2007 - Makes it out of order in the Senate to consider any direct spending or revenue legislation that would increase or cause an on-budget deficit during certain specified time periods.

Makes it out of order in the Senate to consider, under the expedited procedures applicable to reconciliation in the Congressional Budget Act of 1974 (CBA), any bill, resolution, amendment, amendment between chambers, motion, or conference report that increases the deficit or reduces the surplus in the first fiscal year or the ensuing five or 10 fiscal years covered by the most recently adopted concurrent resolution on the budget.

Makes it out of order in the Senate to consider, pursuant to CBA, any resolution, concurrent resolution, amendment, amendment between the chambers, motion, or conference report that contains reconciliation directives that would increase the deficit or reduce the surplus in such fiscal years.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring Fiscal Discipline Act of 
2007''.

SEC. 2. PAY-AS-YOU-GO POINT OF ORDER IN THE SENATE.

    (a) Pay-as-You-Go Point of Order in the Senate.--
            (1) In general.--For purposes of Senate enforcement, it 
        shall not be in order in the Senate to consider any direct 
        spending or revenue legislation that would increase the on-
        budget deficit or cause an on-budget deficit for any one of the 
        4 applicable time periods as measured in paragraphs (5) and 
        (6).
            (2) Applicable time periods.--For purposes of this 
        subsection, the term ``applicable time periods'' means any 1 of 
        the 4 following periods:
                    (A) The current year.
                    (B) The budget year.
                    (C) The period of the 5 fiscal years following the 
                current year.
                    (D) The period of the 5 fiscal years following the 
                5 fiscal years referred to in subparagraph (C).
            (3) Direct-spending legislation.--For purposes of this 
        subsection and except as provided in paragraph (4), the term 
        ``direct-spending legislation'' means any bill, joint 
        resolution, amendment, motion, or conference report that 
        affects direct spending as that term is defined by, and 
        interpreted for purposes of, the Balanced Budget and Emergency 
        Deficit Control Act of 1985.
            (4) Exclusion.--For purposes of this subsection, the terms 
        ``direct-spending legislation'' and ``revenue legislation'' do 
        not include--
                    (A) any concurrent resolution on the budget; or
                    (B) any provision of legislation that affects the 
                full funding of, and continuation of, the deposit 
                insurance guarantee commitment in effect on the date of 
                enactment of the Budget Enforcement Act of 1990.
            (5) Baseline.--Estimates prepared pursuant to this section 
        shall--
                    (A) use the baseline surplus or deficit used for 
                the most recently adopted concurrent resolution on the 
                budget; and
                    (B) be calculated under the requirements of 
                subsections (b) through (d) of section 257 of the 
                Balanced Budget and Emergency Deficit Control Act of 
                1985 for fiscal years beyond those covered by that 
                concurrent resolution on the budget.
            (6) Prior surplus.--If direct spending or revenue 
        legislation increases the on-budget deficit or causes an on-
        budget deficit when taken individually, it must also increase 
        the on-budget deficit or cause an on-budget deficit when taken 
        together with all direct spending and revenue legislation 
        enacted since the beginning of the calendar year not accounted 
        for in the baseline under paragraph (5)(A), except that direct 
        spending or revenue effects resulting in net deficit reduction 
        enacted pursuant to reconciliation instructions since the 
        beginning of that same calendar year shall not be available.
    (b) Waiver.--This section may be waived or suspended in the Senate 
only by the affirmative vote of three-fifths of the Members, duly 
chosen and sworn.
    (c) Appeals.--Appeals in the Senate from the decisions of the Chair 
relating to any provision of this section shall be limited to 1 hour, 
to be equally divided between, and controlled by, the appellant and the 
manager of the bill or joint resolution, as the case may be. An 
affirmative vote of three-fifths of the Members of the Senate, duly 
chosen and sworn, shall be required to sustain an appeal of the ruling 
of the Chair on a point of order raised under this section.
    (d) Determination of Budget Levels.--For purposes of this section, 
the levels of new budget authority, outlays, and revenues for a fiscal 
year shall be determined on the basis of estimates made by the 
Committee on the Budget of the Senate.
    (e) Sunset.--This section shall expire on September 30, 2012.

SEC. 3. RECONCILIATION FOR DEFICIT REDUCTION OR INCREASING THE SURPLUS 
              IN THE SENATE.

    (a) In General.--It shall not be in order in the Senate to consider 
under the expedited procedures applicable to reconciliation in sections 
305 and 310 of the Congressional Budget Act of 1974 any bill, 
resolution, amendment, amendment between Houses, motion, or conference 
report that increases the deficit or reduces the surplus in the first 
fiscal year covered by the most recently adopted concurrent resolution 
on the budget, the period of the first 5 fiscal years covered by the 
most recently adopted concurrent resolution on the budget, or the 
period of the 5 fiscal years following the first 5 fiscal years covered 
by the most recently adopted concurrent resolution on the budget.
    (b) Budget Resolution.--It shall not be in order in the Senate to 
consider pursuant to sections 301, 305, or 310 of the Congressional 
Budget Act of 1974 pertaining to concurrent resolutions on the budget 
any resolution, concurrent resolution, amendment, amendment between the 
Houses, motion, or conference report that contains any reconciliation 
directive that would increase the deficit or reduce the surplus in the 
first fiscal year covered by the most recently adopted concurrent 
resolution on the budget, the period of the first 5 fiscal years 
covered by the most recently adopted concurrent resolution on the 
budget, or the period of the 5 fiscal years following the first 5 
fiscal years covered by the most recently adopted concurrent resolution 
on the budget.
    (c) Supermajority Waiver and Appeal.--This section may be waived or 
suspended in the Senate only by an affirmative vote of \3/5\ of the 
Members, duly chosen and sworn. An affirmative vote of \3/5\ of the 
Members of the Senate, 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 raised under this section.