Balance of payments Legislation - Federal Government

Commission On Reforming Entitlement Spending Act, or CORE Spending Act - Establishes the Commission On Reforming Entitlement Spending to examine the long-term fiscal challenges facing the United States and develop legislation designed to address them.

Authorizes the President and the House or Senate Budget Committee to submit alternatives to the legislative proposal submitted by the Commission.

Requires the Director of the Congressional Budget Office (CBO) to prepare a long-term cost estimate of legislation proposed under this Act or a related amendment, and have it published in the Congressional Record as expeditiously as possible.

Imposes an additional duty rate of 27.5 % ad valorem on any article imported into the United States that is the growth, product, or manufacture of the People's Republic of China (PRC) unless the President certifies to Congress that: (1) the PRC is no longer manipulating the exchange rate between its currency and the U.S. dollar in order to prevent an effective balance of payments and gain an unfair international trade advantage; and (2) the PRC's currency is valued in accordance with accepted market-based trading policies.

Directs the Secretary of the Treasury to begin negotiations with the PRC for adoption of a market-based currency valuation.

Expresses the sense of the House of Representatives that the United States: (1) must move rapidly to increase the productivity with which it uses fossil fuel, and to accelerate the transition to renewable fuels and a sustainable, clean energy economy; and (2) should establish, in collaboration with other international allies, an energy project with the magnitude, creativity, and sense of urgency of the "Man on the Moon" project to develop a comprehensive plan to address the challenges presented by Peak Oil (the peak in the world's oil production believed by some petroleum experts likely to occur in the next decade).

Balancing Trade Act of 2007 - Requires the President, if in three consecutive calendar years the United States has a trade deficit with another country of $10 billion or more, to take the necessary steps to create a trading relationship that would eliminate or substantially reduce that trade deficit by entering into an agreement with that country.

Establishes the Congressional Trade Office to advise Congress on trade policy.

China Currency Manipulation Act of 2008 - Directs the Secretary of the Treasury to: (1) make an affirmative determination that the People's Republic of China (PRC) is manipulating the rate of exchange between its currency and the U.S. dollar; (2) establish and report to Congress on a plan of action to remedy such currency manipulation; (3) initiate expeditiously bilateral negotiations with the PRC to ensure that it regularly adjusts the rate of exchange between its currency and the U.S. dollar in order to permit effective balance of payment adjustments and eliminate unfair competitive advantage in trade; and (4) instruct the Executive Director to the International Monetary Fund (IMF) to use the U.S. vote to ensure that the PRC takes such action to achieve such goals.

NAFTA Accountability Act - Provides that unless the specified conditions set forth in this Act are met: (1) Congress withdraws its approval of the North American Free Trade Agreement (NAFTA) effective October 1, 2009; and (2) the President, not later than April 1, 2009, shall provide written notice of withdrawal to the governments of Canada and Mexico.

Expresses the sense of Congress that the President should not engage in negotiations to expand NAFTA to include other countries and that trade promotion authority should not be renewed with respect to the approval of any such NAFTA expansion.