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]
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.
Title
One Percent Spending Reduction Act of 2016
Sponsors
Rep. Mark Sanford [R-SC] | Rep. Gary Palmer [R-AL] | Rep. Jeff Duncan [R-SC] | Rep. Mick Mulvaney [R-SC] |
Rep. Mark Meadows [R-NC] | Rep. Scott DesJarlais [R-TN] | Rep. Raul Labrador [R-ID] | Rep. Paul Gosar [R-AZ] |
Rep. Reid Ribble [R-WI] | Rep. Louie Gohmert [R-TX] |
History
Date | Chamber | Action |
---|---|---|
2016-07-06 | House | Referred to House Rules |
2016-07-06 | House | Referred to House Budget |
2016-07-06 | House | Referred 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. |
2016-07-06 | House | Introduced in House |
Subjects
Budget deficits and national debt
Budget process
Economics and public finance
House of Representatives
Legislative rules and procedure
Senate
Budget process
Economics and public finance
House of Representatives
Legislative rules and procedure
Senate
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/5637/all-info |
Text | https://www.congress.gov/114/bills/hr5637/BILLS-114hr5637ih.pdf |