Stop Over Spending Act of 2007

Bill: 110-s-15
Sponsor: Sen. Gregg, Judd [R-NH]
Introduced: 2007-05-22 in the Senate
Policy area: Economics and Public Finance
Subjects: Administrative remedies
Appropriations
Armed Forces and National Security
Armed forces abroad
Balanced budgets
Biennial budgets
Budget deficits
Budget resolutions
Congress
Congressional budget
Congressional committees (Senate)
Congressional investigations
Congressional reporting requirements
Defense budgets
District of Columbia
Entitlements
Expedited congressional procedure
Federal advisory bodies
Federal budget process
Government Operations and Politics
Government spending reductions
Health
Health care fraud
Income tax
International Affairs
Labor and Employment
Law
Legislation
Medicare
Military hospitals
Military medicine
Military operations
Performance measurement
Planning-programming-budgeting
Rescission of appropriated funds
Senate Budget
Senate rules and procedure
Social Welfare
Social security finance
Strategic planning
Supplemental security income program
Tax expenditures
Tax rates
Taxation
Terrorism
Unemployment insurance
War casualties

Summary:
action_date: 2007-05-22
text: 
 Stop Over Spending Act of 2007 - Second Look at Wasteful Spending Act of 2007 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to transmit annually to Congress a maximum of four special messages that propose to rescind dollar amounts of discretionary budget authority, items of direct spending, and targeted tax benefits.

Requires an analysis by: (1) the Congressional Budget Office (CBO) of an estimated savings in budget authority or outlays resulting from such rescission; and (2) the Joint Committee on Taxation of an estimated savings resulting from repeal of targeted tax benefits.

Requires any rescinded budget authority, items of direct spending, or targeted tax benefit to be dedicated only to deficit reduction, and not to be used as an offset for other spending increases or revenue reductions.

Provides for adjustment of: (1) committee allocations resulting from such rescission; and (2) applicable limits, as appropriate, under this Act.

Sets forth procedures for expedited congressional consideration of a proposed rescission.

Requires: (1) the President to issue an order fully implementing without change all sequestrations required by the Office of Management and Budget (OMB) in its Final Sequestration Report; and (2) the Government Accountability Office (GAO) to report to Congress and the President on the order's compliance with this Act.

Prescribes requirements for discretionary sequestration reports by OMB and GAO, discretionary spending and maximum deficit limits, federal tax gap initiative, executive and legislative branch sequestration procedures, and congressional response to low economic growth.

Provides adjustments in such discretionary spending limits for: (1) the Global War on Terrorism overseas; (2) U.S. forces in such War; (3) addressing deficiencies at Walter Reed Army Medical Center for injured individuals resulting from such War; (4) continuing disability reviews and Supplemental Security Income (SSI) redeterminations for the Social Security Administration; (5) health care fraud and abuse; and (6) unemployment insurance improper payment reviews.

Authorizes the President to exempt military personnel accounts from sequestration or provide a lower uniform percentage reduction.

Prohibits the President's budget from exceeding the maximum deficit amount for any fiscal year.

Requires biennial budget resolutions, appropriations Acts, and government strategic and performance plans.

Establishes the National Commission on Entitlement Solvency and the Commission on Congressional Budgetary Accountability and Review of Federal Agencies.

Amends the Congressional Budget Act of 1974 to revise budget resolution requirements.

Authorizes the chairman of the Committee on the Budget to notify the Senate of a Medicare funding warning. Makes it out of order to consider any legislation that would cause any increase in direct spending, net of proposals to change direct spending receipts, or revenues contained in the measure if the Senate has been notified of such warning for two consecutive calendar years.

Makes it out of order in the Senate to consider legislation that includes a federal income tax rate increase.

Requires the concurrent resolution on the budget, for any year when the CBO projects an on-budget deficit (excluding Social Security) for the budget year or any subsequent fiscal year, except in specified circumstances, to: (1) reduce on-budget deficits relative to the CBO projections and put the budget on a path to achieve on-budget balance within five years; and (2) include provisions to protect Social Security and facilitate deficit reduction, other than reducing Social Security benefits.

Requires the CBO to prepare an estimate for legislation reported from committee (except measures within the jurisdiction of the Committee on Appropriations) on whether the measure would cause a net increase in direct spending exceeding $5 billion in any of the four 10-year periods between FY2016-FY2055.

Sets forth provisions avoiding Pay-As-You-Go points of order in the Senate against consideration of appropriations legislation.

Provides for such Pay-As-You-Go points of order in certain circumstances.


Legislative actions:
action_date: 2007-05-22
text: Read twice and referred to the Committee on the Budget.
action_date: 2007-05-22
text: Sponsor introductory remarks on measure. (CR S6463-6464)
action_date: 2007-05-22
text: Introduced in Senate