H.R. 2041 · 112th Congress
Returning to Responsible Fiscal Policies Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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KingstonSponsor14 cosponsors · 14 R
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Flake
TG
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Graves
JJ
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Jordan
RB
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Bartlett
JC
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Chaffetz
JD
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Duncan
TF
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Franks
PG
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Gingrey
FG
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Guinta
BL
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Long
PM
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McHenry
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Rooney
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Westmoreland
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Pompeo3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Returning to Responsible Fiscal Policies Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require: (1) the Office of Management and Budget (OMB) to estimate the Gross Domestic Product (GDP) outlay limit for the target fiscal year at the outset of the previous fiscal year, on April 30, on August 20,…
What it does: CRS summary · Introduced in House · May 26, 2011
Returning to Responsible Fiscal Policies Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require: (1) the Office of Management and Budget (OMB) to estimate the Gross Domestic Product (GDP) outlay limit for the target fiscal year at the outset of the previous fiscal year, on April 30, on August 20, and 15 days after the conclusion of the fiscal year; (2) the Congressional Budget Office (CBO) to provide advisory reports calculating the GDP outlay limit at identical times; and (3) a sequestration by OMB within 45 calendar days after the beginning of a fiscal year to eliminate the excess outlay amount.
Prescribes requirements for CBO and OMB advisory sequestration preview reports and an OMB final sequestration report, accompanied by a presidential order detailing the uniform spending reduction.
Requires the House and the Senate budget committees to report a resolution directing their committees to change the existing law to achieve the goals outlined in the OMB August 20 report if it projects a sequestration.
States that if, after November 15, a bill resulting in outlays for the current fiscal year is enacted that causes excess outlays, the excess outlays for the next fiscal year shall be increased by the amount or amounts of that breach.
Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the most recently reported current GDP outlay limits in the Gramm-Rudman-Hollings Act to be exceeded. Prescribes procedures for waiver or suspension of this rule.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Returning to Responsible Fiscal Policies Act
Latest action (May 26, 2011): Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Economics and Public Finance · Origin: House · Introduced: May 26, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.