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HR 1131 104th Congress House Economics and Public Finance Balanced budgets Budget deficits Congress Congressional budget Congressional budget process Congressional voting Federal budgets Government spending reductions Government trust funds House rules and procedure Legislative resolutions Old age, survivors and disability insurance Public debt Senate rules and procedure Social Welfare Social security taxes Tax rates Taxation

Balanced Budget/Spending Limitation Act of 1995

Introduced: March 3, 1995 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 27, 1995
Referred to the Subcommittee on the Legislative and Budget Process.
Mar 8, 1995
Referred to the Subcommittee on Government Management, Information and Technology.
Mar 3, 1995
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.
Mar 3, 1995
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now April 27, 1995

Referred to the Subcommittee on the Legislative and Budget Process.

 Committees of jurisdiction 5
 Cosponsors 1
All 1 Republican 1