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house Bill H.R. 5008

Targeted Deficit Reduction Act of 2010

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Rules
      House Committee on the Budget
    IntroducedApril 13th, 2010

Bill Details

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Title

Targeted Deficit Reduction Act of 2010

Official Title

To amend the Congressional Budget Act of 1974 to require annual progress toward meeting fiscally responsible 5- and 10-year deficit and debt targets.

Summary

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.

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