Sets forth the congressional budget for the federal government for FY2008, including the appropriate budgetary levels for FY2007 and FY2009-FY2012.
Title I: Recommended Levels and Amounts - (Sec. 101) Lists recommended budgetary levels and amounts, for FY2007-FY2012, with respect to: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits; (5) debt subject to limit; and (6) debt held by the public.
(Sec. 102) Lists the appropriate levels of new budget authority, outlays, and administrative expenses for Social Security and specified major functional categories for FY2007-FY2012.
Title II: Budget Process - (Sec. 201) Makes it out of order in the Senate to consider any direct spending or revenue legislation increasing or causing an on-budget deficit for the current fiscal year, the budget year, or the four or nine ensuing fiscal years.
Excludes from the meaning of "direct spending legislation" and "revenue legislation" any: (1) concurrent resolution on the budget; or (2) provision of legislation that affects the full funding of, and continuation of, the deposit insurance guarantee commitment in effect on the enactment of the Budget Enforcement Act of 1990.
Requires estimates to: (1) use the baseline surplus or deficit used for the most recently adopted concurrent resolution on the budget; and (2) be calculated under the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act, as in effect before September 30, 2002) for fiscal years beyond those covered by such budget resolution.
Declares that, if direct spending or revenue legislation increases or causes an on-budget deficit when taken individually, it must also increase or cause the on-budget deficit when taken together with such legislation enacted since the beginning of the calendar year not accounted for in such baseline. Provides, however, that direct spending or revenue effects resulting in net deficit reduction enacted in any bill pursuant to a reconciliation instruction since the beginning of that same calendar year shall never be made available on the pay-as-you-go ledger, and shall be dedicated only for deficit reduction.
Permits waiver or suspension of such requirements, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
(Sec. 202) Makes it out of order to consider in the Senate any reconciliation legislation causing or increasing a deficit or reducing a surplus in either: (1) the current fiscal year, the budget year, and the four ensuing fiscal years; or (2) the current fiscal year, the budget year, and the nine ensuing fiscal years.
Permits waiver or suspension of such requirements, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
(Sec. 203) Requires the Director of the Congressional Budget Office (CBO) to prepare for each bill and joint resolution reported from committee (including amendments and conference reports), except measures within the Committee on Appropriations' jurisdiction, an estimate of whether the measure would cause a net increase in deficits in excess of $5 billion in any of the four 10-year periods beginning in FY2018-FY2057.
Makes it out of order to consider in the Senate legislation that would cause such a net increase in deficits in such periods.
Permits waiver or suspension of such requirements, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
(Sec. 204) Treats as an emergency requirement in the Senate the amounts of new budget authority, outlays, and receipts in all fiscal years resulting from a provision of direct spending or receipts legislation or appropriations for discretionary accounts that Congress designates as an emergency requirement in a measure.
Declares that such new budget authority, outlays, and receipts resulting from any provision designated as an emergency requirement shall not count for purposes of the Congressional Budget Act of 1974 (CBA) or the pay-as-you-go, long-term deficits, and discretionary spending limit requirements of this title.
Subjects any emergency requirement designation to a point-of-order in the Senate.
Permits waiver or suspension of such requirements, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
States that in the House the new budget authority and outlays resulting from adoption of legislation making appropriations for discretionary amounts designated to meet emergency needs shall not count for certain CBA purposes.
(Sec. 206) Makes it out of order to consider in the Senate legislation that would provide an advance appropriation other than for: (1) the Corporation for Public Broadcasting; or (2) any FY2009-FY2010 programs, projects, activities, or accounts identified in the joint explanatory statement of managers accompanying this resolution, but only in an aggregate of up to $25.158 billion in new budget authority in each year.
Permits waiver or suspension of such requirements, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
States that in the House legislation making a general or continuing appropriation may not provide advance appropriations, other than for FY2009-FY2010 programs, projects, activities, or accounts identified in the joint explanatory statement of managers accompanying this resolution, but only in an aggregate of up to $25.558 billion in new budget authority.
(Sec. 207) Makes it out of order to consider in the Senate any legislation that would cause the discretionary spending limits in this section to be exceeded.
Permits waiver or suspension of such requirements, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
Extends Senate discretionary limits for FY2007-FY2008.
Provides for adjustments to discretionary spending limits, budgetary aggregates, and allocations in the Senate and/or House for: (1) continuing disability reviews and Supplemental Security Income (SSI) redeterminations for the Social Security Administration (SSA); (2) Internal Revenue Service (IRS) tax enforcement and compliance; (3) health care fraud and abuse control; (4) in-person reemployment and eligibility assessments and unemployment insurance improper payment reviews; and (5) costs of overseas deployments and related activities.
States that in the House the new budget authority, outlays, or receipts (above such amount specified in this Act) resulting from legislation reported making FY2008 for overseas deployments and related activities, shall not count for certain CBA purposes.
Requires all congressional committees to: (1) review programs within their jurisdictions to root out waste, fraud, and abuse in program spending, giving particular scrutiny to issues raised by GAO reports; and (2) include recommendations for improved governmental performance in their annual views and estimates reports required under the CBA.
Requires the chairman of the appropriate Committee on the Budget, if legislation making supplemental appropriations for FY2007 is enacted, to make the appropriate adjustments in allocations, aggregates, discretionary spending limits, and other levels of new budget authority and outlays to reflect the difference between such measure and the corresponding levels assumed in this resolution.
(Sec. 208) Declares that previous discretionary limits and allocations under the Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006 shall no longer apply in the Senate.
(Sec. 209) Makes it out of order in the Senate to consider any appropriations legislation that includes any provision which changes a mandatory program producing net costs that would have been estimated as affecting direct spending or receipts under the Gramm-Rudman-Hollings Act were they included in non-appropriations legislation.
Subjects a provision to a point of order if: (1) it increases budget authority in at least one of the nine fiscal years that follow the budget year and over the total of such year and the nine ensuing fiscal years; (2) it increases net outlays over the total of the nine ensuing fiscal years; and (3) the sum total of all changes in mandatory programs in the legislation would increase net outlays as measured over the total of the nine ensuing fiscal years.
Permits waiver or suspension of such requirements, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
Excludes from such point-of-order: (1) legislation making supplemental appropriations for FY2007; and (2) any provision changing a mandatory program in appropriations legislation if such provision has been enacted in each of the three fiscal years before the budget year.
Title III: Reserve Funds - (Sec. 301) Establishes specified Senate priorities and findings, including, but not limited to, making the enactment of legislation to reauthorize the State Children's Health Insurance Program (SCHIP) a top priority for the remainder of FY2007, during the first session of the 110th Congress.
Creates deficit-neutral reserve funds in the Senate and/or House, subject to specified conditions, for legislation concerning: (1) reauthorization of SCHIP; (2) care of wounded service members; (3) tax relief; (4) reform of the alternative minimum tax; (5) middle-income tax relief and economic equity; (6) Medicare improvements (prescription drugs, physician payments, the Voluntary Prescription Drug Benefit Program, hospital payments, and addressing physician and other health care provider shortages); (7) health care quality, effectiveness, efficiency, and transparency; (8) higher education; (9) the farm bill; (10) energy legislation; (11) county payment legislation; (12) reauthorization of terrorism risk insurance; (13) affordable housing; (14) receipts from the Bonneville Power Administration; (15) Indian claims settlement; (16) health care enhancement; (17) child care; (18) immigration reform; (19) manufacturing initiatives; (20) the Food and Drug Administration (FDA), including drug importation; (21) Medicaid; (22) San Joaquin River Restoration and Navajo Nation Water Rights Settlements; and (23) selected tax relief policies.
(Sec. 317) Creates a congressional deficit-reduction reserve fund, subject to specified conditions, for legislation: (1) that achieves savings by eliminating or reducing improper payments made by agencies reporting improper payment estimates under the Improper Information Act of 2002 and uses such savings to reduce the deficit; or (2) in the House, that contain offsets so designated for that purpose).
Authorizes the Chairman of the appropriate Committee on the Budget to revise the committee allocations, aggregates, and other appropriate levels and limits in this resolution upon enactment of legislation: (1) that achieves savings by requiring that agencies increase their use of the recovery audits authorized by the Erroneous Payments Recovery Act of 2001 and uses such savings to reduce the deficit; or (2) in the House, that contain offsets so designated for that purpose).
(Sec. 321) Requires the Chairman of the House Committee, for the duration of the 110th Congress, if the House considers legislation decreasing total revenues for the budget year and the following four fiscal years below the CBO baseline for the most recent budget resolution, to increase the revenue aggregates by $179.816 billion for the total over FY2008-FY2012.
Title IV: Policy - (Sec. 401) Declares the policy of: (1) the House and Senate on middle-income tax relief; and (2) this resolution on defense priorities and college affordability.
Title V: Sense of the House and Senate of Congress- (Sec. 501) Expresses the sense of Congress on: (1) servicemembers' and veterans' health care and other priorities; (2) the Innovation Agenda: A Commitment to Competitiveness to Keep America #1; (3) homeland security; (4) the ongoing need to respond to Hurricanes Katrina and Rita; (5) long-term sustainability of entitlements; (6) the need to maintain and build upon efforts to fight hunger; (7) affordable health coverage; (8) extension of the statutory Pay-As-You-Go (PAYGO) rule; (9) long-term budgeting; (10) pay parity; (11) waste, fraud, and abuse; (12) child support enforcement; (13) state veterans cemeteries; and (14) the State Criminal Alien Assistance Program (SCAAP).
Title VI: Reconciliation - (Sec. 601) Sets forth reconciliation instructions for the House Committee on Education and Labor and the Senate Committee on Health, Education, Labor, and Pensions.