The bill urges Congress to target reducing the Federal budget deficit to 3% of GDP by 2030 and achieve a balanced budget thereafter. It requires the President to submit budgets in line with this goal and sets enforcement mechanisms. The Senate should recommend changes to budget enforcement rules, and institutions like the Congressional Budget Office and Joint Committee on Taxation are tasked with providing analyses relating to the target. Efforts to meet the target should genuinely address deficit reduction without resorting to budgetary gimmicks.
This resolution expresses the sense of the Senate that (1) Congress should adopt a fiscal target to reduce the federal budget deficit to 3% of gross domestic product or less as soon as possible and no later than the end of FY2030; and (2) after the target is achieved, Congress should continue to pursue further deficit reduction with the goal of achieving a balanced federal budget.
