(a) In general Only if the Director of the Congressional Budget Office submits a report under section 202(h) indicating that the target for the ratio of the debt held by the public to the gross domestic product of the United States by the end of the last fiscal year covered by the most recently agreed to concurrent resolution on the budget will not be achieved, not later than April 15 of the first fiscal year of such biennium, the Committee on Fiscal Control and the Budget of the Senate shall report to the Senate a simple resolution— (1) specifying a total level of deficit reduction to be achieved and the period during which such reduction is to be achieved