Fiscal Responsibility for a Sound Future Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend through FY 2005 the spending caps for discretionary, highway, and mass transit categories in new budget authority and outlays.
Declares that Congress should enact a limit on total discretionary spending for FY 2006.
Retains (eliminates the expiration of) pay-as-you-go.
Reenacts into law (effective for FY 2005) certain budget enforcement mechanisms through FY 2015.
Makes it out of order in the Senate to consider under expedited procedures applicable to reconciliation in the Congressional Budget Act of 1974 any measure that increases the deficit in the: (1) first fiscal year covered by the most recently adopted concurrent resolution on the budget; (2) first five fiscal years covered by such adoption; or (3) first five fiscal years following such period.
Amends H.Con.Res. 95 (108th Congress) to revise provisions concerning the Pay-As-You-Go point of order rule in the Senate to: (1) modify the formula used to estimate the baseline; and (2) extend the application of such rule through FY 2015.
Introduced in Senate
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 83.
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