Summary

S.Res. 331: A resolution expressing the sense of the Senate that Congress should “Go Big” in its attempts toward deficit reduction. Read More

Status

This resolution was introduced on Nov 16, 2011, in a previous session of Congress, but was not passed.

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Bill Text

RESOLUTION

Expressing the sense of the Senate that Congress should ``Go Big'' in its attempts toward deficit reduction.

Whereas the Government of the United States has reached record levels of debt, with total debt outstanding exceeding $14,970,000,000,000; Whereas the publicly held debt of the United States has reached 67 percent of Gross Domestic Product and is projected to increase to 100 percent by 2021; Whereas the Congressional Budget Office estimated the deficit for fiscal year 2011 at approximately $1,300,000,000,000; Whereas the outlook on the deficits and debt of the United States has caused the Nation's long-term credit rating to be downgraded for the first time in history by at least one Nationally Recognized Statistical Rating Organization, and its credit rating could potentially be downgraded again; Whereas the Budget Control Act of 2011 has empowered the Joint Select Committee on Deficit Reduction to propose significant and important reductions to the deficit, and failure to secure sufficient reductions will trigger substantial cuts in critical areas; Whereas the presidentially appointed National Commission on Fiscal Responsibility and Reform has created a framework to reduce the Federal deficit by approximately $4,000,000,000,000; Whereas numerous budget experts, leading political figures, and independent groups of differing political ideologies have advocated for a ``Go Big'' strategy for deficit reduction; and Whereas 45 United States Senators have previously supported the goal of achieving greater deficit reduction: Now, therefore, be it Resolved, That it is the sense of the Senate that Congress should pass a deficit reduction measure that-- (1) includes...

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Bill Summary

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