3.0.0 2471 2023-01-11T13:31:20Z 2023-01-11T13:31:20Z House HR 2015-05-20 114 [Congressional Record Volume 161, Number 78 (Wednesday, May 20, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BRADY of Texas:H.R. 2471.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the U.S. Constitution, which givesCongress the authority to borrow money on the credit of theUnited States.[Page H3507]]]> hsru00 Rules Committee House Standing Referred to 2015-05-20T14:01:00Z hsbu00 Budget Committee House Standing Referred to 2015-05-20T14:00:51Z 2015-05-20 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. IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2015-05-20 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. IntroReferral H11100-A 9 Library of Congress 2015-05-20 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. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2015-05-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-05-20 Introduced in House IntroReferral 1000 9 Library of Congress B000755 Rep. Brady, Kevin [R-TX-8] KEVIN BRADY R TX 8 N Economics and Public Finance Appropriations Budget deficits and national debt Budget process Economic performance and conditions Economics and Public Finance 00 2015-05-20 Introduced in House 2015-08-13T16:21:44Z Maximizing America's Prosperity Act of 2015

This bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 and the Congressional Budget and Impoundment Control Act of 1974 to limit total noninterest federal spending to a specified percentage of potential gross domestic product (GDP).

The cap begins at 19% of potential GDP for FY2016 and decreases each fiscal year until it reaches 16% of potential GDP for FY2024 and subsequent fiscal years. The total cap for each year fiscal year must be reduced by an amount equal to the unfunded direct costs of federal mandates for the year.

The bill revises the existing sequestration process to establish a new process to enforce the limits established by this bill. To enforce the caps, the bill's sequestration process would impose automatic cuts to discretionary spending. No discretionary budget account is permitted to be reduced by more than 5% of its budgetary resources.

The bill eliminates adjustments to spending limits that are currently permitted for emergency spending. The President's budget must include an allowance for emergency spending that is no less than 1% of discretionary spending for the year. The appropriations committees must set aside for emergencies 1% of the funding allocation provided to the committees by the budget resolution.

]]> Maximizing America's Prosperity Act of 2015 Display Title Maximizing America's Prosperity Act of 2015 Official Title as Introduced To cap noninterest Federal Spending as a percentage of potential GDP to right-size the government, grow the economy, and balance the budget. Introduced in House IH Short Titles as Introduced Maximizing America's Prosperity Act of 2015 Introduced in House 2015-05-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2471ih/xml/BILLS-114hr2471ih.xml 2015-05-20 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. 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.