HR 260 118th Congress House Economics and Public Finance Appropriations Budget deficits and national debt Budget process Congressional oversight Government studies and investigations Legislative rules and procedure

Nickel Plan Act

Introduced: January 10, 2023 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

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

Introduced in House

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Plain-English summary Congressional Research Service

Nickel Plan Act

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 eliminate any excess spending through automatic cuts. The bill eliminates the existing exemptions from sequestration.

If the OMB projects a sequester, 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 also establishes procedures for Congress to enforce the outlay caps established by this bill.

What's happening now January 10, 2023

Bill text 1 version