US HB5637 | 2015-2016 | 114th Congress

Status

Spectrum: Partisan Bill (Republican 10-0)
Status: Introduced on July 6 2016 - 25% progression, died in committee
Action: 2016-07-06 - Referred to House Rules
Pending: House Rules Committee
Text: Latest bill text (Introduced) [PDF]

Summary

One Percent Spending Reduction Act of 2016 This bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to establish and enforce new spending caps. The bill establishes an outlay cap (less net interest payments) for FY2017 of $3.645 trillion, less 1%. For each year from FY2018-FY2021, the bill reduces the outlay cap by 1% of the previous year's outlay cap. For FY2022 and subsequent years, total outlays may not exceed 18% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2023, total projected outlays may not be less than the total projected outlays for the preceding year. The OMB must enforce the spending caps using a sequestration to eliminate any excess spending through automatic cuts. The bill eliminates most of the existing exemptions from sequestration, with the exception of interest payments on the debt. If the OMB projects a sequestration, the congressional budget committees may report a resolution directing congressional committees to change existing law to achieve the spending reductions necessary to meet the outlay limits. The bill amends the Congressional Budget Act of 1974 to establish procedures for Congress to enforce the outlay caps established by this bill.

Tracking Information

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Title

One Percent Spending Reduction Act of 2016

Sponsors


History

DateChamberAction
2016-07-06HouseReferred to House Rules
2016-07-06HouseReferred to House Budget
2016-07-06HouseReferred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2016-07-06HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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