Mobile Menu - OpenMobile Menu - Closed

The Terms of Credit Act: Budget, Work and Grow

Documents:

Conservative Support

Legislative Text

Bill Outline

Short Bill Outline 

Highlights:

  • Supported by the Competitive Enterprise Institute, Americans for Tax Reform, National Taxpayers Union, Taxpayers Protection Alliance, American Conservative Union, R Street Institute, Compact for America, and Colin Hanna of Let Freedom Ring

Budget:

  • Stick to the Budget: Terms of Credit ensures congressional committees follow through on the savings laid out in the House- and Senate-passed budget. It directs authorizing committees to produce legislation within 90 days that will hit their pre-determined budget targets.
  • Robust Budget Process: If the authorizing committees fail to meet the 90 day deadline, Rules Committee, in consultation with all relevant committees, is given 30 days to allow for consideration of amendments that would meet the spending reduction targets. If still, after 120 days, both the authorizing and Rules Committees fail to come up concrete spending cuts, any member of the House can step up by bringing a privileged bill to the floor on the condition that it is a step toward hitting the spending cut targets.
  • Vote on Balanced Budget Act: The RSC’s plan also requires a House vote on a Balanced Budget Amendment by December 31, 2015.

Work:

  • No Adjourning Until the Work is Done: Congress’ habit of adjourning while appropriations bills hang in limbo has contributed to the series of budget crises Congress has seen in recent years. Terms of Credit would prevent Congress from adjourning after September 1st if the next year’s appropriations measures have not been passed by that deadline.
  • Foster Debate in the Senate: Under the RSC’s plan, Senate members would no longer be able to prevent debate on appropriations bills after the October 1st deadline has passed. Members would still be able to filibuster the bill itself, but may not block debate altogether.

Grow:

  • 21 Month Regulatory Freeze: Terms of Credit proposes a short-term freeze on burdensome federal regulation to spur economic growth and private sector investment. The freeze would be placed on all significant federal regulation through July 1, 2017, subject to health, safety, and national security waivers.
  • No “Midnight Rules”: Terms of Credit would prohibit “midnight rules” - regulations that agencies sneak in between a presidential election and the next inauguration. The Act would carve out exemptions for health, safety, and national security waivers.