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S 1436 113th Congress Senate Economics and Public Finance Budget deficits and national debt Budget process House of Representatives Legislative rules and procedure Senate

One Percent Spending Reduction Act of 2013

Introduced: August 1, 2013 See on congress.gov
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 2013
Read twice and referred to the Committee on the Budget.
Aug 1, 2013
Introduced in Senate
 Plain-English summary Congressional Research Service

One Percent Spending Reduction Act of 2013 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish the aggregate outlay (outlay cap) (less net interest payments) for FY2014 at $3.233 billion, less 1%.

Reduces the outlay cap for FY2015 by 1% of the outlay cap for FY2014.

Requires the outlay cap for FY2016 and each subsequent fiscal year to be 19% of the gross domestic product (GDP) for that fiscal year as estimated by the Office of Management and Budget (OMB).

Prohibits the outlay caps from being less than those for the preceding fiscal year for FY2017 and any ensuing fiscal year.

Requires a sequestration by OMB within 45 days after the beginning of a fiscal year to eliminate any excess outlay amount.

Prescribes requirements for Congressional Budget Office (CBO) and OMB sequestration preview reports and an OMB final sequestration report, accompanied by a presidential order detailing uniform spending reductions equal to the excess outlay amount.

Requires congressional budget committees to report a resolution directing the committees of their respective chambers to change existing law to achieve the spending reductions outlined in the OMB August 20 report to meet the outlay limits, if a sequestration is projected.

States that if, after November 14, a bill resulting in outlays for the current fiscal year is enacted that causes excess outlays, the excess outlays for the next fiscal year shall be increased by the amount or amounts of that breach.

Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the most recently reported, current outlay cap to be exceeded. Prescribes procedures for waiver or suspension of this rule.

What's happening now August 1, 2013

Read twice and referred to the Committee on the Budget.

 Committees of jurisdiction 1