Pay-As-You-Go-bill

Restoring Fiscal Discipline Act of 2007 - Makes it out of order in the Senate to consider any direct spending or revenue legislation that would increase or cause an on-budget deficit during certain specified time periods.

Makes it out of order in the Senate to consider, under the expedited procedures applicable to reconciliation in the Congressional Budget Act of 1974 (CBA), any bill, resolution, amendment, amendment between chambers, motion, or conference report that increases the deficit or reduces the surplus in the first fiscal year or the ensuing five or 10 fiscal years covered by the most recently adopted concurrent resolution on the budget.

Makes it out of order in the Senate to consider, pursuant to CBA, any resolution, concurrent resolution, amendment, amendment between the chambers, motion, or conference report that contains reconciliation directives that would increase the deficit or reduce the surplus in such fiscal years.