[Congressional Record Volume 169, Number 95 (Thursday, June 1, 2023)]
[Senate]
[Page S1907]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 107. Mr. PAUL proposed an amendment to the bill H.R. 3746, to 
provide for a responsible increase to the debt ceiling; as follows:

        Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Five Penny Plan of 2023''.

     SEC. 2. STATUTORY ENFORCEMENT OF OUTLAY LIMITS THROUGH 
                   SEQUESTRATION.

       (a) In General.--Part C of the Balanced Budget and 
     Emergency Deficit Control Act of 1985 (2 U.S.C. 900 et seq.) 
     is amended by adding at the end the following:

     ``SEC. 258D. ENFORCING OUTLAY LIMITS.

       ``(a) Enforcing Outlay Limits.--In this section, the term 
     `outlay limit' means an amount equal to--
       ``(1) for fiscal year 2024, $4,839,204,000,000 in outlays;
       ``(2) for fiscal year 2025, $4,597,244,000,000 in outlays;
       ``(3) for fiscal year 2026, $4,367,382,000,000 in outlays;
       ``(4) for fiscal year 2027, $4,149,013,000,000 in outlays; 
     and
       ``(5) for fiscal year 2028, $3,941,562,000,000 in outlays.
       ``(b) Total Federal Outlays.--In this section, total 
     Federal outlays shall include all on-budget outlays.
       ``(c) Sequestration.--
       ``(1) OMB report.--Not later than 15 days after the end of 
     session for each of fiscal years 2024 through 2028, OMB shall 
     prepare a report specifying whether outlays for the preceding 
     fiscal year exceeded the outlay limit for that fiscal year.
       ``(2) Sequestration.--If a report under paragraph (1) shows 
     that outlays for a fiscal year exceeded the outlay limits for 
     that fiscal year, the President shall issue a sequestration 
     order reducing direct spending and discretionary 
     appropriations for the fiscal year after the fiscal year for 
     which outlays exceeded the limit by the uniform percentage 
     necessary to reduce outlays during that fiscal year by the 
     amount of the excess outlays.
       ``(3) Procedures.--In implementing the sequestration under 
     paragraph (2), OMB shall follow the procedures specified in 
     section 6 of the Statutory Pay-As-You-Go Act of 2010 (2 
     U.S.C. 935) and the special rules specified in section 256 of 
     this Act.
       ``(d) Consideration in House and Senate.--
       ``It shall not be in order in the House of Representatives 
     or the Senate to consider any bill, joint resolution, 
     amendment, or conference report that would cause the most 
     recently reported current outlay limits set forth in 
     subsection (a) to be exceeded.''.
       (b) Table of Contents.--The table of contents in section 
     250(a) of the Balanced Budget and Emergency Deficit Control 
     Act of 1985 (2 U.S.C. 900(a)) is amended by adding at the end 
     the following:

``Sec. 258D. Enforcing outlay limits.''.

     SEC. 3. LIMIT ON TOTAL SPENDING.

       Section 250(c) of the Balanced Budget and Emergency Deficit 
     Control Act of 1985 (2 U.S.C. 900(c)) is amended--
       (1) by striking paragraph (4); and
       (2) by redesignating paragraphs (5) through (21) as 
     paragraphs (4) through (20), respectively.

     SEC. 4. PUBLIC DEBT LIMIT.

       Section 3101(b) of title 31, United States Code, is amended 
     by striking ``$14,294,000,000,000'' and inserting 
     ``$14,794,000,000,000''.
                                 ______