nomic policies that are promoted through the world, 
yet the United States is dangerously close to exceed-
ing the IMF guideline limit of 60 percent debt-to- 
GDP; 
(13) without a significant commitment to rein 
in our deficits and debt, our economic and national 
security will be threatened; 
(14) the Federal budget should be developed 
each year toward a target of attaining a maximum 
ratio of 60 percent debt-to-GDP and achieving com-
plete budget balance within ten years (by fiscal year 
2020); 
(15) an interim goal, the Federal budget should 
achieve primary balance, in which spending equals 
revenue excluding the debt service, within five years 
(by fiscal year 2015); 
(16) the reconciliation process is currently an 
optional procedure under the Congressional Budget 
and Impoundment Control Act of 1974 (Public Law 
93–344), as amended) designed to enhance the abil-
ity of Congress to reduce the deficit; and 
(17) this Act creates achievable, long-term goals 
and imbeds a process for annual progress toward 
that goal in the Congressional budgetary process. 
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SEC. 3. TARGETED DEFICIT AND DEBT REDUCTION. 
(a) IN GENERAL.—Title III of the Congressional 
Budget Act of 1974 is amended by adding at the end the 
following new section: 
‘‘TARGETED DEFICIT AND DEBT REDUCTION 
‘‘SEC. 316. (a) CONTENT OF CONCURRENT RESOLU-
TION ON THE BUDGET.—In addition to the items required 
to be included in a concurrent resolution on the budget 
under section 301(a), the concurrent resolutions on the 
budget for fiscal years 2011 through 2020 shall each in-
clude, as applicable, reconciliation directives described in 
section 310 to reduce the deficit to achieve the goals set 
forth in subsection (b). 
‘‘(b) GOALS TO BE ACHIEVED THROUGH REC-
ONCILIATION.— 
‘‘(1) Primary budget balance by fiscal year 
2015. 
‘‘(2) Full budget balance by fiscal year 2020. 
‘‘(3) A debt-to-GDP ratio of 60 percent by fis-
cal year 2020. 
Any committee that receives reconciliation directives to 
achieve any of these goals shall be ordered to report a rec-
onciliation bill not later than 45 calendar days after the 
concurrent resolution on the budget containing such direc-
tives is agreed to. 
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‘‘(c) CBO REPORT.—On or before February 15 of 
each year through 2019, the Director of the Congressional 
Budget Office shall submit to the Committees on the 
Budget of the House of Representatives and the Senate 
a report for the fiscal year commencing on October 1 of 
that year containing the target deficit reduction for that 
fiscal year necessary to achieve the applicable goals set 
forth in subsection (b) and the anticipated glide path for 
each such fiscal year until fiscal year 2020. In determining 
the necessary deficit reduction required for each fiscal 
year through fiscal year 2020, the Director shall endeavor 
to have such deficit reduction as uniform as possible for 
each such fiscal year. Each such report shall also include 
the estimated deficit, debt, and GDP for each fiscal year 
though fiscal year 2020. 
‘‘(d) DEFINITIONS.—For purposes of this section— 
‘‘(1) the term ‘primary budget balance’ means 
outlays equal receipts during a fiscal year, not 
counting outlays for debt service payments; 
‘‘(2) the term ‘full budget balance’ means out-
lays equal receipts during a fiscal year; 
‘‘(3) the term ‘GDP’ means the gross domestic 
product of the United States; and 
‘‘(4) the term ‘debt-to-GDP ratio’ means, for a 
fiscal year, the quantitative relationship between the 
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face amount of obligations described in section 
3101(b) of title 31, United States Code, estimated 
to be outstanding at the end of that year and the 
estimated GDP for that year.’’. 
(b) CONFORMING AMENDMENT.—The table of con-
tents set forth in section l(b) of the Congressional Budget 
and Impoundment Control Act of 1974 is amended by in-
serting after the item relating to section 315 the following 
new item: 
‘‘Sec. 316. Targeted deficit and debt reduction.’’. 
Æ 
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