Title: Establishing a Federal Budget Deficit Commission
Vote Smart's Synopsis:
Vote to adopt an amendment to S Amdt 3299 to HJR 45 that establishes the "Bipartisan Task Force for Responsible Fiscal Action," a task force charged with reviewing the fiscal status of the federal government and writing legislation to address the government's "fiscal imbalance," and requires each chamber of Congress to vote on passage of such legislation.
Establishes the "Bipartisan Task Force for Responsible Fiscal Action," a task force that shall analyze projected federal revenues and expenditures, assess the current and long-term financial condition of the federal government, and whose membership shall consist of:
Eight Senators, four to be selected by the Senate majority leader and another four to be selected by the Senate minority leader;
Eight Representatives, four to be selected by the Speaker of the House and another four to be selected by the House minority leader;
The Secretary of the Treasury; and
Another officer of the Executive branch, to be appointed by the President.
Requires the Task Force to submit a report no later than November 15, 2010 detailing its findings, conclusions, and recommendations, as well proposed legislative language to carry out the recommendations, to be submitted to the President, the Vice President, the Speaker of the House, and the majority and minority leaders of both chambers of Congress.
Authorizes "expedited consideration" of a bill incorporating the proposed legislative language recommended in the Task Force report, subject to, but not limited to, the following requirements:
The bill must be introduced no later than November 23, 2010, and shall proceed to consideration two days after being reported from committee;
Congress is prohibited from amending, postponing, or recommitting the bill;
The bill requires a three-fifths majority vote to pass; and
The bill must receive a vote on passage in both chambers of Congress no later than December 23, 2010.
Specifies that members of the Task Force shall not receive any additional compensation for their participation and that the Task Force shall terminate 90 days after submitting the report.
NOTE: THIS IS AN AMENDMENT TO A SUBSTITUTE AMENDMENT. A SUBSTITUTE AMENDMENT REPLACES THE ENTIRE TEXT OF A PIECE OF LEGISLATION WITH A NEW TEXT.
NOTE: THIS LEGISLATION NEEDED A THREE-FIFTHS MAJORITY VOTE TO PASS.