3.0.0 1316 2023-01-11T13:22:50Z 2023-01-11T13:22:50Z Senate S S 2011-06-30 112 ssbu00 Budget Committee Senate Standing Referred to 2011-06-30T20:18:37Z One Percent Spending Reduction Act of 2011 112 1848 HR 2011-05-11 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. Related bill CRS 2011-06-30 ssbu00 Budget Committee Senate Read twice and referred to the Committee on the Budget. IntroReferral 2011-06-30 Introduced in Senate IntroReferral 10000 9 Library of Congress E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. N P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY 2011-07-13 False B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2011-07-20 False H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2011-08-01 False R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2011-08-01 False L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT 2011-08-02 False V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2011-09-06 False C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2011-10-17 False T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2012-01-26 False M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS 2012-02-06 False J000291 Sen. Johanns, Mike [R-NE] Mike Johanns R NE 2012-02-06 False I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2012-03-27 False C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2012-04-18 False H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2012-06-13 False Economics and Public Finance Budget deficits and national debt House of Representatives Legislative rules and procedure Senate Economics and Public Finance 00 2011-06-30 Introduced in Senate 2011-09-23T21:14:24Z One Percent Spending Reduction Act of 2011 - Amends the Balance Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish the aggregate outlay (outlay cap) (less net interest payments) for FY2012 at $3.382 billion, less 1%.

Reduces each outlay cap for FY2013-FY2017 by 1% of the previous fiscal year's outlay cap.

Requires the outlay cap for FY2018 and each subsequent fiscal year to be 18% of the gross domestic product (GDP) for that fiscal year as estimated by the Office of Management and Budget (OMB).

Prohibits the outlay caps from being less than those for the preceding fiscal year for FY2019 and any ensuing fiscal year.

Requires a sequestration by OMB within 45 days after the beginning of a fiscal year to eliminate any excess outlay amount.

Prescribes requirements for Congressional Budget Office (CBO) and OMB sequestration preview reports and an OMB final sequestration report, accompanied by a presidential order detailing uniform spending reductions equal to the excess outlay amount.

Requires the House and the Senate budget committees to report a resolution directing the committees of their respective chambers to change existing law to achieve the spending reductions outlined in the OMB August 20 report to meet the outlay limits, if a sequestration is projected.

States that if, after November 14, a bill resulting in outlays for the current fiscal year is enacted that causes excess outlays, the excess outlays for the next fiscal year shall be increased by the amount or amounts of that breach.

Repeals provisions of the Gramm-Rudman-Hollings Act terminating Pay-As-You-Go (PAYGO) enforcement mechanisms under such Act.

Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the most recently reported, current outlay limits in the Gramm-Rudman-Hollings Act to be exceeded. Prescribes procedures for waiver or suspension of this rule.

]]> One Percent Spending Reduction Act of 2011 Display Title One Percent Spending Reduction Act of 2011 Official Title as Introduced A bill to prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending. Introduced in Senate IS Short Titles as Introduced One Percent Spending Reduction Act of 2011 Introduced in Senate 2011-06-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1316is/xml/BILLS-112s1316is.xml 2011-06-30 Read twice and referred to the Committee on the Budget. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.