3.0.0 2495 2023-01-11T13:26:07Z 2023-01-11T13:26:07Z Senate S S 2014-06-19 113 ssbu00 Budget Committee Senate Standing Referred to 2014-06-19T15:49:21Z One Percent Spending Reduction Act of 2013 113 1202 HR 2013-03-14 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 One Percent Spending Reduction Act of 2013 113 547 S 2013-03-13 Read twice and referred to the Committee on the Budget. Related bill CRS One Percent Spending Reduction Act of 2013 113 1436 S 2013-08-01 Read twice and referred to the Committee on the Budget. Related bill CRS 2014-06-19 ssbu00 Budget Committee Senate Read twice and referred to the Committee on the Budget. IntroReferral 2014-06-19 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 2014-06-19 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2014-06-19 True R000584 Sen. Risch, James E. [R-ID] James Risch R ID E. 2014-06-19 True B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2014-06-19 True V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2014-06-19 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2014-06-19 True F000444 Sen. Flake, Jeff [R-AZ] JEFF FLAKE R AZ 2014-07-29 False M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS 2014-07-29 False Economics and Public Finance Budget deficits and national debt Budget process House of Representatives Legislative rules and procedure Senate Economics and Public Finance 00 2014-06-19 Introduced in Senate 2014-07-09T22:37:22Z One Percent Spending Reduction Act of 2014 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish and enforce new spending caps.

Establishes the aggregate outlay cap (less net interest payments) for FY2015 at $3.774 trillion, less 1%. Reduces the outlay cap for FY2016-FY2017 by 1% of the previous fiscal year's outlay cap.

Requires the outlay cap for FY2018 and subsequent fiscal years to be 18% of the gross domestic product (GDP) for that fiscal year as estimated by the Office of Management and Budget (OMB). Prohibits outlays from being less than those for the preceding fiscal year for any fiscal year beginning with FY2019.

Requires OMB to enforce the spending caps using a sequestration to eliminate any excess spending through automatic cuts. Eliminates most exemptions from sequestration.

Permits the budget committees to report a resolution directing the committees of their respective chambers to change existing law to achieve the spending reductions necessary to meet the outlay limits if a sequestration is projected.

Amends the Congressional Budget Act of 1974 to create procedures for the House and Senate to enforce the outlay caps established in this Act.


]]> One Percent Spending Reduction Act of 2014 Display Title One Percent Spending Reduction Act of 2014 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 2014 Introduced in Senate 2014-06-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2495is/xml/BILLS-113s2495is.xml 2014-06-19 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.