H.R.4594 - Climbing Out of the Deficit Ditch Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Moore, Dennis [D-KS-3] (Introduced 04/25/2002)|
|Committees:||House - Budget; Rules; Ways and Means|
|Latest Action:||04/25/2002 Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.4594 — 107th Congress (2001-2002)All Bill Information (Except Text)
Climbing Out of the Deficit Ditch Act of 2002 - Increases the public debt limit. Enforces such limit through a point of order. Provides for specified exceptions, including certification of a balanced budget by FY 2007 or a House-approved presidential plan.
Introduced in House (04/25/2002)
Sets forth certification procedures if a balanced budget in FY 2007 is projected by the Budget and Economic Outlook Update (for fiscal years 2003 through 2012), as reported by the Congressional Budget Office (CB0).
Requires the President to submit a proposal to balance the budget by such year should the CBO report not project a balanced budget. Requires a separate annual report on a homeland security budget.
Requires the House Budget Committee to report a revised concurrent resolution on the budget for FY 2003 (after the President's plan is submitted) instructing committees to reduce outlays or increase revenues or both to balance the budget. Provides for automatic discharge of the legislation implementing the President's proposal should the Committee fail to report.
Makes this Act subject to the congressional budget process requirements of the Congressional Budget Act, except as specified.