One Percent Spending Reduction Act of 2018

Summary

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.

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Timeline

1. 18 April 2018

   Introduced

   Introduced in House

   Source: IntroReferral

2. 18 April 2018

   Introduced

   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.

   Source: IntroReferral

3. 18 April 2018

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 April 2018 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 April 2018

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 April 2018

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 18 April 2018

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  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

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Sanford, Mark [R-SC-1] · R · Sponsor
• Rep. Palmer, Gary J. [R-AL-6] · R · Sponsor
• Rep. Gosar, Paul A. [R-AZ-9] · R · Sponsor
• Rep. Meadows, Mark [R-NC-11] · R · Sponsor
• Rep. DesJarlais, Scott [R-TN-4] · R · Sponsor
• Rep. Gohmert, Louie [R-TX-1] · R · Sponsor
• Rep. Jones, Walter B., Jr. [R-NC-3] · R · Sponsor
• Rep. Massie, Thomas [R-KY-4] · R · Sponsor
• Rep. Gaetz, Matt [R-FL-1] · R · Sponsor
• Rep. Norman, Ralph [R-SC-5] · R · Cosponsor
• Rep. Jordan, Jim [R-OH-4] · R · Cosponsor
• · hsru00 · Standing
• · hsbu00 · Standing

Related records

• related to ← One Percent Spending Reduction Act of 2016