,,ii  #aac? ,,congress  #a/ ,session    
,s4 #adcf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #a1 #bjac ,mr4  
,enzi 7= himself1 ,mr4 ,paul1 ,mr4      
,vitt]1 ,mr4 ,b>rasso1 ,mr4 ,ris*1 ,mr4 
,isakson1 & ,mr4 ,rubio7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ! ,budget  ,a ,,bill 
,to prev5t a fiscal crisis by enact+    
legislation to balance ! ,f$]al budget  
?r\gh r$uctions ( discretion>y & m&atory
 sp5d+4  #a4 ,%ort title ,?is ,act may  
be cit$ z ! ,"o ,p]c5t ,sp5d+ ,r$uction 
,act ( #bjac4  #b4 ,congressional f9d+s 
& purpose  7a7 ,f9d+s ,! ,congress f9ds 
! foll[+3  7#a7 ,! fiscal crisis fac$ by
 ! ,f$]al ,gov]nm5t dem&s imm$iate      
action4  7#b7 ,! dramatic gr[? 9 sp5d+ &
 debt 9 rec5t ye>s ?reat5s our economic 
& national security3  7,a7 ,f$]al sp5d+ 
has gr[n f #ah p]c5t ( ,,gdp 9 #bjja to 
ne>ly #bc p]c5t ( ,,gdp 9 #bjab4  7,b7  
,total ,f$]al debt exce$s               
#af1jjj1jjj1jjj1jjj & is project$ to    
increase ea* ye> ov] ! next #aj ye>s4   

7,c7 ,)\t action1 ! ,f$]al ,gov]nm5t w  
cont9ue to run massive deficits 9 ! next
 decade & total ,f$]al debt w rise to   
approximately #be1jjj1jjj1jjj1jjj by    
#bjbc4  7,d7 ,int]e/ paym5ts on ?is debt
 w soon rise to ! po9t :]e balanc+ !    
budget z a matt] ( policy is beyond !   
rea* ( ,congress4  7#c7 ,due to rec5t   
tax hikes1 ,f$]al rev5ues are s*$ul$ to 
rise to approximately #ai p]c5t ( ,,gdp1
 a full p]c5tage po9t above ! av]age (  
ab\t #ah p]c5t ( ,,gdp ov] ! pa/ #dj    
ye>s4  7#d7 ,abs5t re=m1 ! gr[? (       
,social ,security1 ,m$ic>e1 ,m$icaid1 & 
o!r heal?-relat$ sp5d+ w ov]:elm all o!r
 ,f$]al programs & consume all project$ 
tax rev5ues4  7b7 ,purpose ,! purpose ( 
?is ,act is to address ! fiscal crisis  
by--  7#a7 act+ quickly to balance !    
,f$]al budget & elim9ate ! p>ade (      
deficits & balloon+ int]e/ paym5ts2     
7#b7 a*iev+ balance by r$uc+ sp5d+ "o   
p]c5t p] ye> until sp5d+ equals project$
 long-t]m rev5ues2 &  7#c7 re=m+        
entitlem5t programs to ensure long-t]m  

fiscal /ability & balance4  #c4         
,e/abli%m5t & en=cem5t ( sp5d+ caps  7a7
 ,outlay caps ,! ,balanc$ ,budget &     
,em]g5cy ,deficit ,control ,act ( #aihe 
is am5d$ by ins]t+ aft] section #bec !  
foll[+ new section3  #bec;,a4 ,e/abli%+ 
outlay caps  7a7 ,outlay caps ,9 ?is    
section1 ! t]m outlay cap means3  7#a7  
,fiscal ye> #bjad ,= fiscal ye> #bjad1 !
 aggregate outlays 7less net int]e/     
paym5ts7 = fiscal ye> #bjad %all be     
#c1bcc1jjj1jjj1jjj1 less "o p]c5t4  7#b7
 ,fiscal ye> #bjae ,= fiscal ye> #bjae1 
! aggregate outlays 7less net int]e/    
paym5ts7 = fiscal ye> #bjae %all be !   
am\nt comput$ "u p>agraph 7#a71 less "o 
p]c5t4  7#c7 ,fiscal ye> #bjaf &        
subsequ5t fiscal ye>s  7,a7 ,= fiscal   
ye> #bjaf & ea* subsequ5t fiscal ye>1 ! 
aggregate outlays %all be #ai p]c5t ( ! 
gross dome/ic product = t fiscal ye> z  
e/imat$ by ,,omb prior to ,m>* ( !      
previ\s fiscal ye>4  7,b7 ,not)/&+      
p>agraph 7,a71 = any fiscal ye> beg9n+ )
 fiscal ye> #bjag1 ! aggregate project$ 

outlays may n be less ?an ! aggregate   
project$ outlays = ! prec$+ fiscal ye>4 
7b7 ,seque/ration  7#a7 ,9 g5]al  7,a7  
,excess sp5d+ ,n lat] ?an #de cal5d>    
days aft] ! beg9n+ ( a fiscal ye>1 ,,omb
 %all conduct a seque/ration to elim9ate
 ! excess outlay am\nt4  7,b7           
,def9itions  7i7 ,= fiscal ye>s #bjad & 
#bjae & = purposes ( ?is subsection1 !  
t]m excess outlay am\nt means ! am\nt by
 :i* total project$ ,f$]al outlays 7less
 net int]e/ paym5ts7 = a fiscal ye>     
exce$s ! outlay cap = t fiscal ye>4     
7ii7 ,= fiscal ye> #bjaf & 9 subsequ5t  
fiscal ye>s & = purposes ( ?is          
subsection1 ! t]m excess outlay am\nt   
means ! am\nt by :i* total project$     
,f$]al outlays = a fiscal ye> exce$s !  
outlay cap = t fiscal ye>4  7#b7        
,seque/ration  7,a7 ,on ,augu/ #ae ( ea*
 ye>1 ,,cbo %all issue a seque/ration   
preview report z describ$ 9 section     
#bed7;c77#d74  7,b7 ,on ,augu/ #bj ( ea*
 ye>1 ,,omb %all issue a seque/ration   
preview report z describ$ 9 section     

#bed7;c77#d74  7,c7 ,on ,octob] #ca (   
ea* ye>1 ,,omb %all issue its f9al      
seque/ration report z describ$ 9 section
 #bed7;f77#c74 ,x %all be accompani$ by 
a ,presid5tial ord] detail+ uni=m sp5d+ 
r$uctions equal to ! excess outlay am\nt
 z def9$ 9 ?is section4  7,d7 ,!        
r$uctions %all g5]ally foll[ ! process  
set =? 9 sections #bec & #bed1 except z 
provid$ 9 ?is section4  7#c7            
,congressional action ,if ! ,augu/ #bj  
,,omb report projects a seque/ration1 ! 
,committees on ,budget ( ! ,s5ate &     
,h\se ( ,repres5tatives may report a    
resolution direct+ _! committees to     
*ange ! exi/+ law to a*ieve ! sp5d+     
r$uctions outl9$ 9 ! ,augu/ #bj report  
necess>y to meet ! outlay limits4  7c7  
,no exempt programs ,section #bee &     
section #bef %all n apply to ?is        
section1 except t paym5ts = net int]e/  
7budget function #ijj7 %all be exempt f 
! sp5d+ r$uctions "u seque/ration4  7d7 
,look back ,if1 aft] ,novemb] #ad1 a    
bill result+ 9 outlays = ! fiscal ye> 9 

progress is enact$ t causes excess      
outlays1 ! excess outlay am\nt = ! next 
fiscal ye> %all be increas$ by ! am\nt  
or am\nts ( t brea*4  4  7b7 ,con=m+    
am5dm5ts to ,,bb$ca  7#a7 ,seque/ration 
preview reports ,section #bed7;c77#d7 ( 
! ,balanc$ ,budget & ,em]g5cy ,deficit  
,control ,act ( #aihe is am5d$ to read z
 foll[s3  7#d7 ,outlay cap seque/ration 
reports ,! preview reports %all set =? =
 ! budget ye> e/imates = ! foll[+3  7,a7
 7i7 ,= ea* ( budget ye>s #bjad & #bjae3
 ! aggregate project$ outlays 7less net 
int]e/ paym5ts71 less "o p]c5t4  7ii7 ,=
 budget ye> #bjaf & ea* subsequ5t budget
 ye>3 ! e/imat$ gross dome/ic product   
7,,gdp7 = t budget ye>4  7,b7 ,! am\nt (
 r$uctions requir$ "u section #bec;,a4  
7,c7 ,! seque/ration p]c5tage necess>y  
to a*ieve ! requir$ r$uction "u section 
#bec;,a4  4  7#b7 ,f9al seque/ration    
reports ,section #bed7;f7 ( ! ,balanc$  
,budget & ,em]g5cy ,deficit ,control    
,act ( #aihe is am5d$ by ins]t+ at ! end
 ! foll[+3  7#f7 ,outlay caps           

seque/ration reports ,! f9al reports    
%all conta9 all ! in=mation requir$ 9 ! 
outlay cap seque/ration preview reports4
 ,9 addition1 ^! reports %all conta91 = 
! budget ye>1 = ea* acc\nt to be        
seque/]$1 e/imates ( ! basel9e level (  
seque/rable budget>y res\rces & result+ 
outlays & ! am\nt ( budget>y s\rces to  
be seque/]$ & result 9 outlay r$uctions4
 ,! reports %all also conta9 e/imates ( 
! effects on outlays on ! seque/ration (
 ea* outye> = direct sp5d+ programs4  4 
7c7 ,en=cem5t ,title ,,iii ( !          
,congressional ,budget ,act ( #aigd is  
am5d$ by add+ aft] section #cae !       
foll[+3  #caf4 ,en=cem5t proc$ures  7a7 
,outlay caps ,x %all n be 9 ord] 9 !    
,h\se ( ,repres5tatives or ! ,s5ate to  
consid] any bill1 jo9t resolution1      
am5dm5t1 or conf]5ce report t includes  
any provision t w\ld cause ! mo/ rec5tly
 report$1 curr5t outlay cap set =? 9    
section #bec;,a ( ! ,balanc$ ,budget &  
,em]g5cy ,deficit ,control ,act ( #aihe 
to be brea*$4  7b7 ,waiv] or susp5sion  

7#a7 ,9 ! ,s5ate ,! provisions ( ?is    
section may be waiv$ or susp5d$ 9 !     
,s5ate only by ! affirmative vote (     
two-?irds ( ! ,memb]s1 duly *os5 &      
sworn4  7#b7 ,9 ! ,h\se ,! provisions ( 
?is section may be waiv$ or susp5d$ 9 ! 
,h\se ( ,repres5tatives only by a rule  
or ord] propos+ only to waive su*       
provisions by an affirmative vote (     
two-?irds ( ! ,memb]s1 duly *os5 &      
sworn4  7c7 ,po9t ( ord] protection ,9 !
 ,h\se1 x %all n be 9 ord] to consid] a 
rule or ord] t waives ! application (   
p>agraph 7#b7 ( subsection 7b74  7d7    
,motion ,to susp5d ,x %all n be 9 ord] =
 ! ,speak] to ent]ta9 a motion to susp5d
 ! application ( ?is section "u clause  
#a ( rule ,,xv4  4  #d4 ,con=m+ am5dm5ts
 ,! table ( cont5ts set =? 9--  7#a7    
section #a7;b7 ( ! ,congressional       
,budget & ,imp\ndm5t ,control ,act (    
#aigd is am5d$ by ins]t+ aft] ! item    
relat+ to section #cae ! foll[+ new     
item3  ,sec4 #caf4 ,en=cem5t proc$ures4 
2  &  7#b7 section #bej7;a7 ( ! ,balanc$

 ,budget & ,em]g5cy ,deficit ,control   
,act ( #aihe is am5d$ by ins]t+ aft] !  
item relat+ to section #bec ! foll[+ new
 item3  ,sec4 #bec;,a4 ,e/abli%+ outlay 
caps4  4  #e4 ,effective date ,?is ,act 
& ! am5dm5ts made by x %all apply to    
fiscal ye> #bjad & subsequ5t fiscal     
ye>s1 includ+ any reports & calculations
 requir$ = implem5tation 9 fiscal ye>   
#bjad4