S. 3: Fiscal Responsibility and Spending Control Act

112th Congress · introduced 2011-01-25 · Economics and Public Finance · Latest: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S128)

federal

Follow this bill, step by step

Where it came from: introduced 2011-01-25 · official record
Who proposed it: Sen. Reid, Harry [D-NV] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S128) Not final yet: this can still change. We check for updates every day.
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

Fiscal Responsibility and Spending Control Act

Plain summary

Fiscal Responsibility and Spending Control Act - Expresses the sense of the Senate that Congress should: (1) address the rising national debt and long-term fiscal challenges through a bipartisan agreement that significantly corrects our nation's long-term fiscal imbalances, closes the gap between projected revenues and expenditures, ensures U.S. economic security, and enhances future prosperity and growth; (2) reduce the deficit and stabilize the national debt without damaging the economic recovery; (3) consider deficit reduction proposals by leading budget experts and establish a plan that can attract broad bipartisan support; (4) ensure that any plan to address long-term fiscal problems is balanced and provides fundamental reform of the federal tax code along with prudent controls on spending; (5) eliminate tax expenditures that only serve special interests and take aggressive measures to close the tax gap and stop cheating; (6) ensure that the tax code fairly distributes the tax burden and helps American businesses compete in the global marketplace; (7) extend the solvency of Social Security and ensure that no savings are used to meet deficit reduction goals in the remainder of the budget; (8) achieve savings through the elimination or consolidation of duplicative programs and activities while modernizing government procurement practices to reduce waste and leverage better value; and (9) reject efforts to exempt tax breaks for millionaires and special interests from strong pay-as-you-go budgetary rules.

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

Fiscal Responsibility and Spending Control Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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

Officials and money

Sponsor: Sen. Reid, Harry [D-NV] · 10 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL), Michael F. Bennet (D-CO), Kirsten E. Gillibrand (D-NY), Christopher A. Coons (D-DE), Jeanne Shaheen (D-NH)

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 (3)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112s3.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s3 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112