Detailed Summary

Fiscal Responsibility Act of 2007 - Provides that, if there is a deficit in a fiscal year, then: (1) any pay adjustment (including a cost of living adjustment) for Members of Congress scheduled to take effect in the succeeding calendar year shall be null and void; and (2) rates of pay for Members shall be reduced by a specified percentage, but not below zero.

Specifies the mandatory pay rate reduction at: (1) 5%, for the first year; or (2) 10%, for any consecutive subsequent year that expenditures exceed revenues.<br>

Specifies conditions for restoration of the original pay rate, together with otherwise scheduled adjustments.

Vests authority in the Director of the Congressional Budget Office to make determinations of whether or not a deficit exists in any fiscal year. States that, in making any such determination, the Director shall exclude any budget outlays which directly relate to a military conflict that lasts over 30 days or that is in direct response to a terrorist attack on the United States.

Status of the Legislation

Latest Major Action: 1/16/2007: Referred to House committee. Status: Referred to the Committee on House Administration, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

• This bill holds members of Congress directly and immediately responsible for their failure to balance the federal budget.

Points Against

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