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Fiscal Responsibility For a Sound Future S. 19
The Fiscal Responsibility for a Sound Future Act helps to restore budget discipline and fiscal responsibility to our nation’s finances. Democrats know that fiscal mismanagement today only leads to greater problems for our children. It is our responsibility to address the fiscal irresponsibility of the current Administration by imposing discipline today. Democrats are united to strengthen budgeting rules that require the government to live within its means. This legislation would return us to a path of budget discipline.
Spend Within Our Means. This legislation would restore the Senate pay-as-you-go rule to require that mandatory spending and tax legislation be fully paid for, or be subject to a 60-vote point of order. Pay-go is one of the crucial budget enforcement tools that allowed the federal government to move from deficit to surplus in the 1990's. The Senate pay-go rule has been weakened in recent years, in order to allow for passage of large tax cuts. Since then, deficits and debt have skyrocketed. The Fiscal Responsibility For A Sound Future Act of 2005 would end the current practice of exempting all mandatory spending and tax cuts assumed in the budget resolution from the pay-as-you-go rule, and extend the Senate pay-go rule (currently set to expire in 2008) through fiscal year 2015.
Reinstate Mandatory Spending Cuts to Balance the Budget. The bill would also reinstate sequestration (across-the-board spending cuts) to enforce pay-go and discretionary spending limits. Legislation that exceeds fiscal year 2005 discretionary spending caps, as well as mandatory spending and tax legislation that would increase the deficit, would trigger sequesters. The bill also expresses the sense of the Senate that statutory discretionary spending limits should be enacted for 2006 to prevent passing more debt to our children.
Limit the Use of Reconciliation to Deficit Reduction Legislation. The bill prevents procedural gimmicks from being used to increase the deficit. The bill allows the Senate’s fast-track “reconciliation” procedures, which cut off debate after only 20 hours, to be used only for deficit reduction. Legislation that would increase the deficit could still be considered in the Senate, but could not be expedited. This would restore reconciliation to its original purpose of deficit reduction, and ensure that any legislation increasing deficits is subject to full scrutiny, debate, and consideration in the Senate. In addition, the legislation would prohibit the fast-tracking of Congressional budget resolutions that contain a reconciliation instruction that would worsen the deficit.
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