Balanced Budget/Spending Limitation Act of 1995

Summary

TABLE OF CONTENTS: Title I: Joint Budget Resolution Title II: Balanced Budget and Spending Restraints Balanced Budget-Spending Limitation Act of 1995 - Title I: Joint Budget Resolution - Amends the Congressional Budget Act of 1974 to reform the budget process by requiring a joint resolution on the budget instead of the concurrent resolution on the budget. Title II: Balanced Budget and Spending Restraints - Establishes a Federal spending limit of 21.5 percent of the gross domestic product for FY 1996 declining to 19 percent by FY 2002. Requires reduction of the maximum deficit amount to zero by FY 2002. Allows a waiver or suspension on the prohibition on exceeding the maximum deficit amount or the Federal spending limit by a three-fifths vote of both Houses. Prohibits the House or Senate from considering legislation that increases the public debt established by law for a fiscal year in excess of the Federal spending limit. Allows a waiver or suspension on such prohibition by a three-fifths vote of both Houses. Establishes a point of order against any legislation that does not allocate savings derived from changes in social security benefits or revenues from social security tax increases to the social security trust fund. Allows a waiver or suspension on such prohibition by a three-fifths vote of both Houses. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for a mid-year and end of the year sequester if any laws effective during the current year will cause the deficit to exceed the maximum deficit or the Federal spending limit. Cancels budget authority sequestered at the end of the year permanently. Requires the President to submit a revised budget for FY 1996 that conforms to the spending limitations established in this Act. Makes the amendments and limits established by this title, and the procedures provided in Acts amended by this title, applicable to fiscal years beginning with FY 1996 and requires them to continue notwithstanding the termination of any Act setting forth such procedures.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 March 1995

   Introduced

   Referred to the Committee on the Budget, and in addition to the Committees on Rules, and Government Reform and Oversight, 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.

   Source: IntroReferral

2. 3 March 1995

   Introduced

   Referred to the Committee on the Budget, and in addition to the Committees on Rules, and Government Reform and Oversight, 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.

   Source: IntroReferral

3. 3 March 1995

   Introduced

   Introduced in House

   Source: IntroReferral

4. 3 March 1995

   Introduced

   Introduced in House

   Source: IntroReferral

5. 8 March 1995

   Referred

   Referred to the Subcommittee on Government Management, Information and Technology.

   Source: Committee

6. 27 April 1995

   Referred

   Referred to the Subcommittee on the Legislative and Budget Process.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 March 1995 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 March 1995

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 March 1995

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 3 March 1995

  Open at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Rep. McCrery, Jim [R-LA-4] · R · Sponsor
• Rep. Hancock, Mel [R-MO-7] · R · Sponsor
• Rep. Shadegg, John B. [R-AZ-3] · R · Sponsor
• Rep. Smith, Nick [R-MI-7] · R · Sponsor
• Rep. Hastert, J. Dennis [R-IL-14] · R · Cosponsor
• Sen. Crapo, Mike [R-ID] · R · Cosponsor
• Rep. Camp, Dave [R-MI-4] · R · Cosponsor
• Rep. Neumann, Mark W. [R-WI-1] · R · Cosponsor
• Rep. Salmon, Matt [R-AZ-5] · R · Cosponsor
• · hsru00 · Standing
• · hsgo00 · Standing
• · hsbu00 · Standing

Related records

• related to ← Balanced Budget/Spending Limitation Act of 1995