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Calendar No. 10 

111TH CONGRESS 

1ST SESSION S. 10 

To restore fiscal discipline and begin to address the long-term fiscal challenges 

facing the United States, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 6, 2009 

Mr. REID (for himself, Mr. CONRAD, Mr. LEVIN, Mr. BEGICH, Mr. CARPER, 

Mr. DURBIN, Mrs. BOXER, Mr. MENENDEZ, Mr. BINGAMAN, Ms. 

STABENOW, Mrs. MCCASKILL, Ms. KLOBUCHAR, Mrs. CLINTON, Mr. 

SCHUMER, Ms. MIKULSKI, and Mr. BROWN) introduced the following bill; 

which was read the first time 

JANUARY 7, 2009 

Read the second time and placed on the calendar 

A BILL 

To restore fiscal discipline and begin to address the longterm fiscal challenges facing the United States, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Fiscal Responsibility 

5 Act of 2009’’. 


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1 SEC. 2. SENSE OF CONGRESS ON FISCAL RESPONSIBILITY. 

2 It is the sense of Congress that Congress and the 

3 President should restore fiscal discipline and begin to ad4 dress the long-term fiscal challenges facing the United 

5 States through— 

6 (1) strong pay-as-you-go rules, to help block the 

7 approval of measures that would increase the deficit; 

8 (2) recognition of warnings by both the Govern9 ment Accountability Office and the Congressional 

10 Budget Office that the Federal budget is on an 

11 unsustainable path of rising deficits and debt; 

12 (3) establishment by Congress and the Presi13 dent of a process— 

14 (A) to analyze— 

15 (i) the current and long-term actu16 arial financial condition of the Federal 

17 Government; and 

18 (ii) the gap between the projected rev19 enues and expenditures of the Federal 

20 Government; 

21 (B) to identify factors that affect the long22 term fiscal balance of the Federal Government; 

23 (C) to analyze potential courses of action 

24 to address factors that affect the long-term fis25 cal balance of the Federal Government; 


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1 (D) to seek a bipartisan agreement, or set 

2 of agreements, that will— 

3 (i) significantly improve the Nation’s 

4 long-term fiscal imbalances and the gap 

5 between projected revenues and expendi6 tures; 

7 (ii) ensure the economic security of 

8 the United States; and 

9 (iii) expand future prosperity and 

10 growth for all Americans; 

11 (4) a thorough review of all Federal spending 

12 and tax expenditures by the Director of the Office 

13 of Management and Budget, in consultation with the 

14 Secretary of the Treasury, that identifies items that 

15 are outdated, inefficient, poorly run, unnecessary, or 

16 otherwise undeserving of scarce Federal resources or 

17 that are in need of reform; and 

18 (5) a review of the current system of taxation 

19 of the United States to ensure that burdens are 

20 borne fairly and equitably. 


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Calendar No. 10 

111TH CONGRESS 

1ST SESSION S. 10 

A BILL 

To restore fiscal discipline and begin to address the 

States, and for other purposes. long-term fiscal challenges facing the United 

JANUARY 7, 2009 

Read the second time and placed on the calendar 


rfrederick on PROD1PC67 with BILLS