1. Short title This Act may be cited as the Fiscal Responsibility and Long-Term Economic Security Act . 2. Establishment of joint select committee Title III of the Congressional Budget Act of 1974 ( 2 U.S.C. 631 et seq.) is amended by adding at the end the following new section: 316. Establishment of Joint Select Committee on Fiscal Responsibility and Long-Term Economic Security (a) Definitions In this section: (1) Joint select committee The term joint select committee means the Joint Select Committee on Fiscal Responsibility and Long-Term Economic Security established under subsection (b)(1). (2) Joint select committee bill The term joint select committee bill means a bill consisting of the proposed legislative language of the joint select committee recommended under subsection (b)(3)(B) and introduced under subsection (e)(1). (3) Fiscal imbalance The term fiscal imbalance means the gap between the projected revenues and expenditures of the Government. (b) Establishment of joint select committee (1) Establishment There is established in the legislative branch a joint select committee to be known as the Joint Select Committee on Fiscal Responsibility and Long-Term Economic Security . (2) Purposes (A) Review The joint select committee shall review the fiscal imbalance of the Government, including— (i) analyses of projected expenditures; (ii) analyses of projected revenues