3.0.0 2182 2018-06-02T07:11:07Z 2023-01-07T17:02:59Z Senate S 2015-10-19 114 2015-10-20 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 274. Calendars 2015-10-19 Senate Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Calendars 2015-10-19 Introduced in Senate IntroReferral 10000 9 Library of Congress P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY N Economics and Public Finance Appropriations Budget deficits and national debt Budget process Defense spending Income tax rates Legislative rules and procedure Military operations and strategy Terrorism Economics and Public Finance 00 2015-10-19 Introduced in Senate 2015-12-08T16:50:05Z 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 Short Titles as Introduced Cut, Cap, and Balance Act of 2015 Display Title Cut, Cap, and Balance Act of 2015 Official Title as Introduced A bill to cut, cap, and balance the Federal budget. Placed on Calendar Senate 2015-10-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2182pcs/xml/BILLS-114s2182pcs.xml 2015-10-20 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 274. 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.