Washington DC Office 307 Dirksen Senate Office Building Washington, D.C. 20510 Phone: 202-224-6441 Fax: 202-224-1724 Wyoming Office P.O. Box 22201 Casper, WY 82602 307-261-6413   Issue Statements Sponsored Bills Committee Assignments Stop Over Spending Act of 2006 Date Introduced: 07/14/06 Bill Number: S.3521 Description: The Stop Over-Spending (SOS) Act entails a comprehensive plan to rein in spending, reduce the deficit, and regain control of the federal budget process. It creates a line-item veto mechanism that allows the President to target wasteful spending, ask that it be rescinded, and send it back to Congress for expedited consideration. It creates a mechanism to balance the budget by 2012 by automatically slowing the rate of growth for mandatory programs if Congress doesn’t meet deficit reduction targets. It reinstates statutory caps on discretionary spending and the use of “emergency” spending and provides enforcement. It creates a point of order against direct spending that is triggered when the Medicare program is projected to become insolvent in 7 years or less. It creates two new bipartisan commissions: one to study the accountability and efficiency of government programs (in a manner similar to the BRAC Commission), and the other to examine and provide solutions to the impending entitlement spending crisis. « Back to Sponsored Bills Home | Privacy Policy | Text Only | Contact This Home Page is maintained by the office of Senator Craig Thomas. Please send comments to webmaster@thomas.senate.gov