Sets forth the congressional budget for the federal government for FY2013, including the appropriate budgetary levels for FY2013-FY2022.
Lists recommended budgetary levels and amounts for FY2012-FY2022 with respect to: (1) federal revenues, (2) new budget authority, (3) budget outlays, (4) deficits, (5) public debt, and (6) debt held by the public.
Lists the appropriate levels of new budget authority, outlays, and administrative expenses of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (Social Security Trust Funds), and specified major functional categories for FY2012-FY2022.
Authorizes the Chairman of the Senate Budget Committee to make certain deficit-reduction reserve funds for legislation for: (1) the sale of unused or vacant federal properties, (2) the sale of excess federal lands, (3) repeal of the Davis-Bacon prevailing wage laws, (4) reduction of the federal vehicles fleet, and (5) the sale of financial assets purchased through the Troubled Asset Relief Program (TARP).
Authorizes the Chairman to reduce the allocations of committees for any savings achieved by such sales, repeal, and reduction, with the savings used to reduce the deficit.
Makes it out of order to consider in the Senate any legislation that would cause the discretionary spending limits in this resolution to be exceeded, except by a supermajority waiver. Specifies such discretionary spending limits in the Senate for FY2012-FY2022.
Authorizes adjustments to the discretionary spending limits, budgetary aggregates, and allocations for adjustments to support ongoing overseas deployments and other activities.
Makes it out of order to consider in the Senate any legislation that would require advanced appropriations.
Sets forth requirements for the treatment of emergency legislation.
Allows the Chairman to adjust the estimate of budgetary effects of legislation that: (1) amends or supersedes the system for updating physician payments under title XVIII (Medicare) of the Social Security Act, (2) amends the Internal Revenue Code to establish a flat 17% tax rate, and (3) extends the Alternative Minimum Tax (AMT) relief for individuals. Permits the Chairman to make such adjustments only for points of order in this legislation relating to: (1) pay-as-you-go, and (2) long- and short-term deficits.
Makes it out of order to consider in the Senate any budget resolution after the enactment of this resolution until a balanced budget amendment to the U.S. Constitution has been adopted, except by a supermajority waiver.
Requires Senate committees to: (1) review programs and tax expenditures in their jurisdictions to identify waste, fraud, and abuse or duplication, and to increase the use of performance data to inform committee work; (2) review the matters for congressional consideration identified on the Government Accountability Office (GAO) High Risk list report; and (3) make recommendations to the Senate Budget Committee to improve governmental performance in their annual views and estimates reports.
Rescinds any unobligated or unspent adjustments of allocations and aggregates made pursuant to this resolution after 36 months.
Sets forth reconciliation instructions for the Senate Committees on: (1) Foreign Relations; (2) Commerce, Science, and Transportation; (3) Agriculture, Nutrition, and Energy [sic]; (4) Environment and Public Works; (5) Health, Education, Labor, and Pensions; (6) Finance; and (7) Energy and Natural Resources.
Requires the Senate Committee on the Budget to report legislation to the Senate that amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to replace the sequester established by the Budget Control Act of 2011 that revises the discretionary spending limits and reduces the discetionary appropriations and direct spending specified in such Act unless a joint committee bill achieving an amount greater than $1.2 trillion in deficit reduction is enacted by January 15, 2012.
Requires such legislation to include language making its application contingent upon the enactment of the reconciliation bill required by this Act.
Declares the policy of Congress on attainment of Social Security solvency, reduction in Medicare unfunded liabilities, and tax reform.
Expresses the sense of Congress on: (1) applying regulatory analysis requirements for executive branch agencies to independent agencies, (2) voting on the Regulations from the Executive in Need of Scrutiny (REINS) Act, (3) the automatic biennial sunsetting of all federal regulations unless repromulgated by Congress, (4) implementing regulatory process reform, and (5) incorporating formal rulemaking procedures for all major regulations.