Proponents argue that the only way to curb deficit spending is to penalize Congress personally and financially for running over budget. Currently, the government can either tax for additional spending revenue or borrow. This bill would cut off the "borrow" option and force them to tax us for anything they spend money on, and to make hard choices about spending cuts. From the Congressional Research Service, a nonpartisan arm of the Library of Congress: 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. (Continued) 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.