3.0.0 3140 2023-01-11T13:33:16Z 2023-01-11T13:33:16Z Senate S 2016-07-07 114 ssbu00 Budget Committee Senate Standing Referred to 2016-07-07T18:21:21Z One Percent Spending Reduction Act of 2016 114 5637 HR 2016-07-06 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. Identical bill CRS 2016-07-07 ssbu00 Budget Committee Senate Read twice and referred to the Committee on the Budget. IntroReferral 2016-07-07 Introduced in Senate IntroReferral 10000 9 Library of Congress E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. N B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2016-07-07 True V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2016-07-07 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2016-07-07 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2016-07-07 True P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY 2016-07-13 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 2016-07-07 Introduced in Senate 2016-07-15T18:06:09Z One Percent Spending Reduction Act of 2016

This bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to establish and enforce new spending caps.

The bill establishes an outlay cap (less net interest payments) for FY2017 of $3.645 trillion, less 1%. For each year from FY2018-FY2021, the bill reduces the outlay cap by 1% of the previous year's outlay cap.

For FY2022 and subsequent years, total outlays may not exceed 18% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2023, total projected outlays may not be less than the total projected outlays for the preceding year.

The OMB must enforce the spending caps using a sequestration to eliminate any excess spending through automatic cuts. The bill eliminates most of the existing exemptions from sequestration, with the exception of interest payments on the debt.

If the OMB projects a sequestration, the congressional budget committees may report a resolution directing congressional committees to change existing law to achieve the spending reductions necessary to meet the outlay limits.

The bill amends the Congressional Budget Act of 1974 to establish procedures for Congress to enforce the outlay caps established by this bill.

]]> One Percent Spending Reduction Act of 2016 Display Title One Percent Spending Reduction Act of 2016 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 2016 Introduced in Senate 2016-07-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3140is/xml/BILLS-114s3140is.xml 2016-07-07 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.