H.R.5008 - Targeted Deficit Reduction Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Markey, Betsy [D-CO-4] (Introduced 04/13/2010)|
|Committees:||House - Budget; Rules|
|Latest Action:||04/13/2010 Referred to the Committee on Rules, and in addition to the Committee on the Budget, 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.5008 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (04/13/2010)
Targeted Deficit Reduction Act of 2010 - Amends the Congressional Budget Act of 1974 to require each budget resolution for FY2011-FY2020 to include reconciliation directives to reduce the deficit to achieve the following goals: (1) primary budget balance by FY2015; (2) full budget balance by FY2020; and (3) a debt-to-gross domestic product (GDP) ratio of 60% by FY2020.
Requires any committee that receives such reconciliation directives to be ordered to report a reconciliation bill within 45 calendar days after adoption of such budget resolution.
Requires the Director of the Congressional Budget Office (CBO), on or before February 15 of each year through 2019, to report to the congressional budget committees a target deficit reduction, for the fiscal year commencing on October 1 of that year, necessary to achieve the applicable goals and the anticipated glide path for each such fiscal year until FY2020.