A resolution expressing the sense of the Senate that the United States must allocate significantly more resources to combat global poverty and that the President's decision to establish the Millennium Challenge Account is a step in the right direction.

Expresses the sense of the Senate that the United States should build on the idea behind President Bush's proposal for the Millennium Challenge Account and increase foreign assistance spending by at least 25 percent for the next five years, with the goal of reaching an amount equal to or exceeding three percent of the Federal budget by 2010 to promote its humanitarian, economic, and security interests around the world.

Calls for the Administrator of the U.S. Agency for International Development to: (1) conduct a top-to-bottom evaluation of current foreign assistance efforts to evaluate effectiveness; (2) work with private voluntary organizations, foundations, and corporations to identify areas where increased targeted foreign assistance could help reduce poverty and to promote equitable economic growth and the development of democratic institutions; and (3) report foreign assistance recommendations to appropriate congressional committees within six months.