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S. 2040: Budget Before Borrowing Act of 2012

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S. 2040: Budget Before Borrowing Act of 2012

112th Congress · introduced 2012-01-26 · Economics and Public Finance · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2012-01-26 · official record
  2. Who proposed it: Sen. Lee, Mike [R-UT] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Budget Before Borrowing Act of 2012

Plain summary

Budget Before Borrowing Act of 2012 - Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill or joint resolution, amendment, or conference report to increase or modify the public debt limit unless a concurrent resolution on the budget has been agreed to and is in effect for the fiscal year during which such measure is being considered. Permits: (1) waiver or suspension of such prohibition in either chamber only by an affirmative vote of two-thirds of its Members, and (2) its successful appeal from the ruling of the Chair in the Senate only by an affirmative vote of two-thirds of its Members.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Budget Before Borrowing Act of 2012

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Lee, Mike [R-UT] · 10 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Thune (R-SD), Rand Paul (R-KY), Ron Johnson (R-WI), James E. Risch (R-ID), Mike Crapo (R-ID)

Sponsor's campaign money: Sen. Lee, Mike [R-UT] reported raising $2.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Fiscal year
The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Joint resolution
In Texas, the type of measure the Legislature uses to propose a constitutional amendment (marked HJR or SJR). The governor does not sign or veto it; the voters decide. In Congress a joint resolution can also be used like a bill. In Florida, a joint resolution passed by three-fifths of the members of each chamber puts a constitutional amendment on the ballot.
Resolution
A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong112-s2040 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112