3.0.0 5572 2023-01-11T13:39:49Z 2023-01-11T13:39:49Z House HR 2018-04-18 115 [Congressional Record Volume 164, Number 63 (Wednesday, April 18, 2018)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SANFORD:H.R. 5572.Congress has the power to enact this legislation pursuantto the following:Clause 1 of Section 8 of Article 1 of the Constitution: TheCongress shall have Power to lay and collect Taxes, Duties,Imposts and Excises, to pay the Debts and provide for thecommon Defence and general Welfare of the United States.[Page H3443]]]> hsru00 Rules Committee House Standing Referred to 2018-04-18T14:04:25Z hsbu00 Budget Committee House Standing Referred to 2018-04-18T14:04:20Z 2018-04-18 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 2018-04-18 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 2018-04-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2018-04-18 Introduced in House IntroReferral 1000 9 Library of Congress S000051 Rep. Sanford, Mark [R-SC-1] Mark Sanford R SC 1 N P000609 Rep. Palmer, Gary J. [R-AL-6] Gary Palmer R AL J. 6 2018-04-18 True G000565 Rep. Gosar, Paul A. [R-AZ-4] Paul Gosar R AZ A. 4 2018-04-18 True M001187 Rep. Meadows, Mark [R-NC-11] Mark Meadows R NC 11 2018-04-18 True D000616 Rep. DesJarlais, Scott [R-TN-4] Scott DesJarlais R TN 4 2018-04-18 True G000552 Rep. Gohmert, Louie [R-TX-1] Louie Gohmert R TX 1 2018-04-18 True J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2018-04-18 True M001184 Rep. Massie, Thomas [R-KY-4] Thomas Massie R KY 4 2018-04-18 True G000578 Rep. Gaetz, Matt [R-FL-1] Matt Gaetz R FL 1 2018-04-18 True N000190 Rep. Norman, Ralph [R-SC-5] Ralph Norman R SC 5 2018-04-26 False J000289 Rep. Jordan, Jim [R-OH-4] Jim Jordan R OH 4 2018-05-09 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 2018-04-18 Introduced in House 2018-05-04T15:37:13Z One Percent Spending Reduction Act of 2018

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 FY2019 of $3.826 trillion, less 1%. For each year from FY2020-FY2023, the bill reduces the outlay cap by 1% of the previous year's outlay cap.

For FY2024 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 FY2025, total projected outlays for any year 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 2018 Display Title One Percent Spending Reduction Act of 2018 Official Title as Introduced To prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending. Introduced in House IH Short Titles as Introduced One Percent Spending Reduction Act of 2018 Introduced in House 2018-04-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr5572ih/xml/BILLS-115hr5572ih.xml 2018-04-18 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.