Establishes expedited legislative procedures for consideration of 2007 spending bills.
Defines a "2007 spending bill" as a bill that reduces outlays for the fiscal year beginning in the year in which the bill is considered to levels not exceeding the levels for FY2007. Prohibits such a bill from increasing revenues.
Authorizes the majority leader of each House of Congress to introduce a 2007 spending bill at any time after the first day of a session (after July 12, 2010), and the respective minority leader to introduce one if the majority does not, and any Member of a House if neither the majority nor minority leaders introduce such a bill.
Requires the committee of consideration to report such a bill with a favorable, an unfavorable, or no recommendation, but without any revision, by 30 days after the bill's introduction.
Prescribes the procedure for fast track consideration of the bill in the House of Representatives and in the Senate. Allows the offering of relevant amendments that would not result in an overall outlay level exceeding the level included in the 2007 spending bill.
Requires an affirmative vote of three-fifths of the Members of each House to pass a 2007 spending bill.
Makes this resolution effective until FY2020 or the fiscal year spending levels are returned to FY2007 levels, whichever date first occurs.