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Senate Committee on the BudgetIntroducedMarch 10th, 2010
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Economic Disaster Prevention Act of 2010
A bill to prevent an economic disaster by providing budget reform.
Economic Disaster Prevention Act of 2010 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish non-defense discretionary spending limits for FY2011-FY2020. Prohibits the total level of direct spending for all direct spending programs, projects, and activities for FY2011-FY2020 from exceeding the respective total levels for the previous fiscal year after the direct spending for each such program, project, or activity is increased by a specified calculation. Requires the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to issue non-defense discretionary spending limit and direct spending limit sequestration preview reports, including updates. Requires the OMB report to explain: (1) any differences between OMB and CBO estimates of any net direct spending change, any excess deficit, any breach, and any required sequestration percentage; and (2) differences in the amount of sequesterable resources for any budget account to be reduced if such difference is greater than $5 million. Requires the President to issue a sequestration order, effective on issuance, if OMB in its Final Sequestration Report estimates that any sequestration is required. Requires the Comptroller General, upon request of the congressional budget committees, to report to Congress and the President on the extent to which each such issued presidential order or OMB or CBO report complies with all of the requirements contained in this Act. Requires CBO to send Congress a low-growth report if real economic growth is projected or estimated to be less than zero with respect to each of any two consecutive quarters within a specified period. Amends the Congressional Budget Act of 1974 with respect to enforcement mechanisms for: (1) non-defense discretionary spending limits; (2) direct spending limits; and (3) sequestration orders. Amends the Gramm-Rudman-Hollings Act to prescribe administrative and legislative procedures for spending reduction orders to eliminate breaches of non-defense discretionary spending limits and direct spending limits. Makes it out of order to consider in the Senate or the House of Representatives any legislation that increases the level of direct spending for an existing program or creates new direct spending unless it provides that the increased or new direct spending expires 10 years after its effective date.