US Congress Senate Bill 2182 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on October 19 2015 - 25% progression, died in chamber
Action: 2015-10-20 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 274.
Text: Latest bill text (Introduced) [PDF]

Cut, Cap, and Balance Act of 2015 This bill amends the Congressional Budget Act of 1974 to establish FY2016 spending limits of $2.832 trillion for new budget authority and $2.884 trillion for outlays. Spending for Social Security, Medicare, Veterans Benefits and Services, Net Interest, and Military Personnel is exempt from the limits. The chairs of the congressional budget committees may make specified adjustments to the limits for legislation that designates amounts for Overseas Contingency Operations/ Global War on Terrorism. The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to limit total annual spending for FY2016-FY2025 to a specified percentage of projected annual gross domestic product (GDP), which begins at 19.9% for FY2016 and decreases each year until it reaches 18% for FY2021-FY2025. The bill enforces the spending limits using automatic spending cuts known as sequestration and specifies exemptions. The Department of the Treasury may not exercise additional borrowing authority in subsequent legislation until a balanced budget amendment to the Constitution is submitted to the states that: (1) requires that total outlays not exceed total receipts, (2) contains a spending limitation as a percentage of GDP, and (3) requires tax increases be approved by a two-thirds vote in both houses of Congress.

Cut, Cap, and Balance Act of 2015

Sen. Rand Paul [R-KY]

Date	Chamber	Action
2015-10-20	Senate	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 274.
2015-10-19	Senate	Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2182/all-info
Text	https://www.congress.gov/114/bills/s2182/BILLS-114s2182pcs.pdf