Balanced Budget/Spending Limitation Act of 1995

Summary

TABLE OF CONTENTS: Title I: Joint Budget Resolution Title II: Balanced Budget and Spending Restraints Balanced Budget-Spending Limitation Act of 1995 - Title I: Joint Budget Resolution - Amends the Congressional Budget Act of 1974 to reform the budget process by requiring a joint resolution on the budget instead of the concurrent resolution on the budget. Title II: Balanced Budget and Spending Restraints - Establishes a Federal spending limit of 21.5 percent of the gross domestic product for FY 1996 declining to 19 percent by FY 2002. Requires reduction of the maximum deficit amount to zero by FY 2002. Allows a waiver or suspension on the prohibition on exceeding the maximum deficit amount or the Federal spending limit by a three-fifths vote of both Houses. Prohibits the House or Senate from considering legislation that increases the public debt established by law for a fiscal year in excess of the Federal spending limit. Allows a waiver or suspension on such prohibition by a three-fifths vote of both Houses. Establishes a point of order against any legislation that does not allocate savings derived from changes in social security benefits or revenues from social security tax increases to the social security trust fund. Allows a waiver or suspension on such prohibition by a three-fifths vote of both Houses. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for a mid-year and end of the year sequester if any laws effective during the current year will cause the deficit to exceed the maximum deficit or the Federal spending limit. Cancels budget authority sequestered at the end of the year permanently. Requires the President to submit a revised budget for FY 1996 that conforms to the spending limitations established in this Act. Makes the amendments and limits established by this title, and the procedures provided in Acts amended by this title, applicable to fiscal years beginning with FY 1996 and requires them to continue notwithstanding the termination of any Act setting forth such procedures.

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Timeline

1. 3 March 1995

   Introduced

   Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged.

   Source: IntroReferral

2. 3 March 1995

   Introduced

   Sponsor introductory remarks on measure. (CR S3466-3467)

   Source: IntroReferral

3. 3 March 1995

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referral Instructions Senate · 3 March 1995 · Download file

Documents

3 official files

• Referral Instructions Senate (text)

  Referral Instructions Senate · EN · 3 March 1995

  ViewDownloadOpen at official source

• Referral Instructions Senate (PDF)

  Referral Instructions Senate · EN · 3 March 1995

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 3 March 1995

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Kyl, Jon [R-AZ] · R · Sponsor
• Sen. Grams, Rod [R-MN] · R · Sponsor
• Sen. Abraham, Spencer [R-MI] · R · Sponsor
• Sen. Craig, Larry E. [R-ID] · R · Sponsor
• Sen. Coverdell, Paul [R-GA] · R · Cosponsor
• Sen. Lott, Trent [R-MS] · R · Cosponsor
• Sen. Santorum, Rick [R-PA] · R · Cosponsor
• · ssga00 · Standing
• · ssbu00 · Standing

Related records

• related to → Balanced Budget/Spending Limitation Act of 1995