,i #aacth ,,congress #ast ,session ,h4 ,r4 #abjb ,,in ,,the ,,house ,,of ,,representatives ,march #ad1 #bjac ,mr4 ,austin ,scott of ,georgia 7for himself1 ,mr4 ,duncan of ,south ,carolina1 and ,mr4 ,westmoreland7 introduced the following bill2 which was referred to the ,committee on the ,budget1 and in addition to the ,committee on ,rules1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to prevent a fiscal crisis by enacting legislation to balance the ,federal budget through reductions of discretionary and mandatory spending4 #a4 ,short title ,this ,act may be cited as the ,one ,percent ,spending ,reduction ,act of #bjac4 #b4 ,congressional findings and purpose 7a7 ,findings ,the ,congress finds the following3 7#a7 ,the fiscal crisis faced by the ,federal ,government demands immediate action4 7#b7 ,the dramatic growth in spending and debt in recent years threatens our economic and national security3 7,a7 ,federal spending has grown from #ah percent of ,,gdp in #bjja to nearly #bc percent of ,,gdp in #bjab4 7,b7 ,total ,federal debt exceeds #af1jjj1jjj1jjj1jjj and is projected to increase each year over the next #aj years4 7,c7 ,without action1 the ,federal ,government will continue to run massive deficits in the next decade and total ,federal debt will rise to #bf1jjj1jjj1jjj1jjj by #bjbc4 7,d7 ,interest payments on this debt will soon rise to the point where balancing the budget as a matter of policy is beyond the reach of ,congress4 7#c7 ,due to recent tax hikes1 ,federal revenues are scheduled to rise to approximately #ai percent of ,,gdp1 a full percentage point above the average of about #ah percent of ,,gdp over the past #dj years4 7#d7 ,absent reform1 the growth of ,social ,security1 ,medicare1 ,medicaid1 and other health-related spending will overwhelm all other ,federal programs and consume all projected tax revenues4 7b7 ,purpose ,the purpose of this ,act is to address the fiscal crisis by-- 7#a7 acting quickly to balance the ,federal budget and eliminate the parade of deficits and ballooning interest payments2 7#b7 achieving balance by reducing spending one percent per year until spending equals projected long-term revenues2 and 7#c7 reforming entitlement programs to ensure long-term fiscal stability and balance4 #c4 ,establishment and enforcement of spending cap 7a7 ,outlay caps ,the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe is amended by inserting after section #bec the following3 #bec;,a4 ,establishing outlay caps ,in this section1 the term outlay cap means3 7a7 ,fiscal year #bjad ,for fiscal year #bjad1 the aggregate projected outlays 7less interest payments7 for fiscal year #bjac 7as estimated by the ,congressional ,budget ,office prior to ,march1 #bjac71 less one percent4 7b7 ,fiscal year #bjae ,for fiscal year #bjae1 the aggregate projected outlays 7less interest payments7 for fiscal year #bjad 7as estimated by the ,congressional ,budget ,office prior to ,march1 #bjad71 less one percent4 7c7 ,fiscal year #bjaf ,for fiscal year #bjaf1 the aggregate projected outlays 7less interest payments7 for fiscal year #bjae 7as estimated by the ,congressional ,budget ,office prior to ,march1 #bjae71 less one percent4 7d7 ,fiscal year #bjag ,for fiscal year #bjag1 the aggregate projected outlays 7less interest payments7 for fiscal year #bjaf 7as estimated by the ,congressional ,budget ,office prior to ,march1 #bjaf71 less one percent4 7e7 ,fiscal year #bjah ,for fiscal year #bjah1 the aggregate projected outlays 7less interest payments7 for fiscal year #bjag 7as estimated by the ,congressional ,budget ,office prior to ,march1 #bjag71 less one percent4 7f7 ,fiscal year #bjai and subsequent fiscal years ,for fiscal year #bjai and for each subsequent fiscal year1 #ah percent of ,gross ,domestic ,product for that calendar year 7as estimated by the ,congressional ,budget ,office prior to ,march of the previous fiscal year74 4 7b7 ,conforming amendments to ,,bbedca 7#a7 ,sequestration preview reports ,section #bed7;c77#d7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe is amended to read as follows3 7#d7 ,outlay cap sequestration reports ,the preview reports shall set forth for the budget year estimates for the following3 7,a7 7i7 ,for each of budget years #bjad through #bjai3 the aggregate projected outlays 7less net interest payment71 less one percent4 7ii7 ,for budget year #bjbj and each subsequent budget year3 the estimated gross domestic product 7,,gdp7 for that budget year4 7,b7 ,the amount of reductions required under section #bec;,a4 7,c7 ,the sequestration percentage necessary to achieve the required reduction under section #bec;,a4 4 7#b7 ,final sequestration reports ,section #bed7;f77#c7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe is amended to read as follows3 7#c7 ,outlay caps sequestration reports ,the final reports shall contain all the information required in the outlay cap sequestration preview reports4 ,in addition1 these report shall contain1 for the budget year1 for each account to be sequestered1 estimates of the baseline level of sequestrable budgetary resources and resulting outlays and the amount of budgetary sources to be sequestered and result in outlay reductions4 ,the report shall also contain estimates of the effects on outlays on the sequestration of each outyear for direct spending programs4 4 7c7 ,enforcement ,title ,,iii of the ,congressional ,budget ,act of #aigd is amended by adding after section #cae the following3 #caf4 ,enforcement procedures 7a7 ,outlay caps ,it shall not be in order in the ,house of ,representatives or the ,senate to consider any bill1 joint resolution1 amendment1 or conference report that includes any provision that would cause the most recently reported1 current outlay cap set forth in section #bec;,a of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe to be breached4 7b7 ,waiver or suspension 7#a7 ,in the ,senate ,the provisions of this section may be waived or suspended in the ,senate only by the affirmative vote of two-thirds of the ,members1 duly chosen and sworn4 7#b7 ,in the ,house ,the provisions of this section may be waived or suspended in the ,house of ,representatives only by a rule or order proposing only to waive such provisions by an affirmative vote of two-thirds of the ,members1 duly chosen and sworn4 7c7 ,point of order protection ,in the ,house1 it shall not be in order to consider a rule or order that waives the application of paragraph 7#b7 of subsection 7b74 7d7 ,motion ,to suspend ,it shall not be in order for the ,speaker to entertain a motion to suspend the application of this section under clause #a of rule ,,xv4 4 #d4 ,conforming amendments ,the table of contents set forth in-- 7#a7 section #a7;b7 of the ,congressional ,budget and ,impoundment ,control ,act of #aigd is amended by inserting after the item relating to section #cae the following new item3 ,sec4 #caf4 ,enforcement procedures4 2 and 7#b7 section #bej7;a7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe is amended by inserting after the item relating to section #bec the following new item3 ,sec4 #bec;,a4 ,establishing outlay caps4 4 #e4 ,effective date ,this ,act and the amendments made by it shall apply to fiscal year #bjad and subsequent fiscal years1 including any reports and calculations required for implementation in fiscal year #bjad4