I 111th CONGRESS 2d Session H. R. 5323 IN THE HOUSE OF REPRESENTATIVES May 18, 2010 Mr. Smith of Texas (for himself, Mr. Olson, Mr. Burton of Indiana, Mr. Conaway, Mr. Marchant, Mr. McClintock, Mr. Issa, Mrs. Bachmann, Mr. Akin, Mr. Bilbray, Mr. Herger, Mr. Franks of Arizona, Mr. Culberson, Mr. Bishop of Utah, Mr. King of Iowa, Mr. Hensarling, Mr. Chaffetz, Mr. Lamborn, Mr. Wilson of South Carolina, Mr. Kline of Minnesota, Mr. Price of Georgia, Mr. Neugebauer, Mr. Daniel E. Lungren of California, Mr. Tiahrt, Mr. Fleming, Mrs. Schmidt, Mr. Pitts, Mr. Latta, Mr. Gingrey of Georgia, Mr. Shadegg, Mr. Carter, Mr. Jordan of Ohio, Mr. Burgess, and Mr. Young of Alaska) introduced the following bill; which was referred to the Committee on the Budget A BILL To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to limit the year-to-year increase in total Federal spending to increases in the Consumer Price Index and population.

1.

Short title

This Act may be cited as the Save America’s Future Economy Act of 2010.

2.

Limitation on the growth of Federal spending

(a)

In general

Part C of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by adding after section 253 the following new section:

253A.

Limitation on the growth of Federal spending

(a)

Reducing nonexempt spending accounts by a uniform percentage

OMB shall calculate the uniform percentage by which nonexempt spending accounts are to be sequestered such that the total spending of the Government for a budget year compared to the preceding fiscal year does not increase at a rate greater than the percentage point change in the Consumer Price Index plus the percentage point change in annual population growth as computed under this section. (b)

January OMB reports

In January of each calendar year, OMB shall prepare a report which shall be included in the budget submission of the President under section 1105(a) of title 31, United States Code, for the fiscal year beginning on October 1 of that calendar setting forth— (1)the projected level of total Federal spending for the current year; (2)the percentage point increase in the Consumer Price Index over the 12-month period comprising the fiscal year before the current year; (3)the total percentage point increase in population from July 1 of the second preceding fiscal year before the current year and July 1 of the fiscal year before the current year; (4)the sum of the total percentage point increases under paragraphs (2) and (3); and (5)the projected level of total Federal spending for the budget year and the amount, if any, by which that spending would exceed the projected level of total Federal spending for the current year as adjusted by the sum of the total percentage point increases under paragraphs (2) and (3). (c)

Preview report

Not later than August 20 of each calendar year, OMB shall prepare and have printed in the Federal Register a preview report which shall set forth for the budget year the following: (1)An up-to-date reestimate of all of the information set forth in the most recent report of OMB under subsection (b). (2)The estimated percentage point reduction that would be required in nonexempt spending accounts in order to limit total Federal spending as set forth under paragraph (1). (d)

OMB final sequestration report

Not later than 15 days after Congress adjourns to end a session, but after any sequestration under section 5 of the Statutory Pay-As-You-Go Act of 2010, OMB shall prepare and have printed in the Federal Register a final sequestration report which shall set forth for the budget year the following: (1)An up-to-date reestimate of all of the information set forth in the most recent report of OMB under subsection (c), taking into account any sequestration under such section 5. (2)The percentage point reduction that would be required in nonexempt spending accounts in order to limit total Federal spending as set forth under paragraph (1). (3)The amount by which total Federal spending exceeds the permissible amount of such spending under this section. (e)

Presidential order

On the same day that OMB issues its final sequestration report, the President shall issue an order fully implementing without change all sequestrations required by the OMB calculation set forth in that report. This order shall be effective on issuance. (f)

Adjustment for emergency spending

(1)If a provision is enacted as an emergency requirement that the Congress so designates in statute pursuant to this subsection, the amounts of new budget authority and outlays in all fiscal years resulting from that provision shall be treated as an emergency requirement for the purposes of this section. (2)If a provision is designated as an emergency requirement under this section, OMB shall not include the budgetary effects of such a provision in its estimates under this section. (g)

Exemptions

The following shall be exempt from reduction under any order issued under this section: (1)Payments for net interest. (2)Any obligations of the Government required to be paid under the United States Constitution or legally contractual obligations.

. (b)

Conforming amendment

The table of contents set forth in section 250(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by inserting after the item relating to section 253 the following new item: 253A. Limitation on the growth of Federal spending. .

3.

Elimination of expiration date

Section 275(b) of the Balanced Budget and Emergency Deficit Control Act of 1985 is repealed.

4.

Effective date

This Act and the amendments made by it shall apply to fiscal year 2012 and subsequent fiscal years.