Pipeline · Bill → Law
Step 1
Introduced
Jan 10, 2023
Step 2
Referred
Jan 10, 2023
Budget · Rules
Step 3
Committee
Step 4
House floor
Step 5
Senate
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS Summary
This bill modifies the federal budget process to establish and enforce new spending caps. The bill establishes an outlay cap (less net interest payments) for FY2024 of $5.953 trillion, less 5%. For each year from FY2025-FY2027, the outlay cap is 5% less than the previous year's outlay cap. For FY2028 and subsequent years, total outlays (including net interest payments) may not exceed 17.5% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2029, 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 sequester to elim...
Timeline · 3 actions
Jan 10, 2023
Introduced in House
Jan 10, 2023
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.
Jan 10, 2023
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.