Returning to Responsible Fiscal Policies Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require: (1) the Office of Management and Budget (OMB) to estimate the Gross Domestic Product (GDP) outlay limit for the target fiscal year at the outset of the previous fiscal year, on April 30, on August 20, and 15 days after the conclusion of the fiscal year; (2) the Congressional Budget Office (CBO) to provide advisory reports calculating the GDP outlay limit at identical times; and (3) a sequestration by OMB within 45 calendar days after the beginning of a fiscal year to eliminate the excess outlay amount.
Prescribes requirements for CBO and OMB advisory sequestration preview reports and an OMB final sequestration report, accompanied by a presidential order detailing the uniform spending reduction.
Requires the House and the Senate budget committees to report a resolution directing their committees to change the existing law to achieve the goals outlined in the OMB August 20 report if it projects a sequestration.
States that if, after November 15, a bill resulting in outlays for the current fiscal year is enacted that causes excess outlays, the excess outlays for the next fiscal year shall be increased by the amount or amounts of that breach.
Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the most recently reported current GDP outlay limits in the Gramm-Rudman-Hollings Act to be exceeded. Prescribes procedures for waiver or suspension of this rule.