Summary: S.3061 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.3061. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (06/15/2016)

Fiscal Responsibility Act of 2016 or the FIRE Act

This bill requires the President and the congressional leadership to appoint members of a National Commission on Fiscal Responsibility and Reform within 180 days of the inauguration of a President.

The commission must identify policies to improve the fiscal situation in the medium-term and to achieve fiscal sustainability over the long-term. In carrying out these duties, the commission must propose recommendations to: (1) balance the budget, excluding interest payments on the debt, within 10 years, in order to stabilize the debt-to-GDP (gross domestic product) ratio at an acceptable level; and (2) meaningfully improve the long-term fiscal outlook, including changes to address the growth of entitlement spending and the gap between projected revenues and expenditures.

Within one year of the appointment of its members, the commission must vote on a report including the required recommendations. The commission may only issue a final report to be submitted to Congress if at least 12 of its 18 members approve the report. Each commission terminates 30 days after submitting a report to Congress.

After consulting with Congress and specified agencies, the President must submit to Congress a joint resolution containing the legislative text necessary to implement the recommendations contained in a report submitted to Congress. The resolution must be accompanied by a special message that includes specified details regarding recommendations of the commission that are excluded from or included in the resolution.

Congress must consider the joint resolution using expedited legislative procedures specified in the bill.