,,ii #aacth ,,congress #b;d ,session ,s4 #bdie ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #ai1 #bjad ,mr4 ,enzi 7for himself1 ,mr4 ,paul1 ,mr4 ,rubio1 ,mr4 ,risch1 ,mr4 ,barrasso1 ,mr4 ,vitter1 and ,mr4 ,isakson7 introduced the following bill2 which was read twice and referred to the ,committee on the ,budget ,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 #bjad4 #b4 ,congressional findings and purpose 7a7 ,findings ,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 over #bj percent of ,,gdp in #bjad4 7,b7 ,total ,federal debt exceeds #ag1jjj1jjj1jjj1jjj 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 #bg1jjj1jjj1jjj1jjj by #bjbd4 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 #ah percent of ,,gdp1 inline with 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 caps 7a7 ,outlay caps ,the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ijj et seq47 is amended by inserting after section #bec the following3 #bec;,a4 ,establishing outlay caps 7a7 ,outlay caps ,in this section1 the term outlay cap means3 7#a7 ,fiscal year #bjae ,for fiscal year #bjae1 the aggregate outlays 7less net interest payments7 shall be #c1ggd1jjj1jjj1jjj1 less one percent4 7#b7 ,fiscal year #bjaf ,for fiscal year #bjaf1 the aggregate outlays 7less net interest payments7 shall be the amount computed under paragraph 7#a71 less one percent4 7#c7 ,fiscal year #bjag ,for fiscal year #bjag1 the aggregate outlays 7less net interest payments7 shall be the amount computed under paragraph 7#b71 less one percent4 7#d7 ,fiscal year #bjah and subsequent fiscal years 7,a7 ,in general ,for fiscal year #bjah and each fiscal year thereafter1 the aggregate outlays shall be #ah percent of the gross domestic product for that fiscal year1 as estimated by the ,office of ,management and ,budget prior to ,march of the previous fiscal year4 7,b7 ,limitation ,notwithstanding subparagraph 7,a71 for any fiscal year beginning with fiscal year #bjai1 the aggregate projected outlays may not be less than the aggregate projected outlays for the preceding fiscal year4 7b7 ,sequestration 7#a7 ,in general 7,a7 ,excess spending ,not later than #de calendar days after the beginning of a fiscal year1 the ,office of ,management and ,budget shall prepare and the ,president shall order a sequestration to eliminate any excess outlay amount4 7,b7 ,definitions 7i7 ,fiscal years #bjae through #bjag ,for each of fiscal years #bjae through #bjag and for purposes of this subsection1 the term excess outlay amount means the amount by which total projected ,federal outlays 7less net interest payments7 for a fiscal year exceeds the outlay cap for that fiscal year4 7ii7 ,fiscal year #bjah and subsequent fiscal years ,for fiscal year #bjah and each fiscal year thereafter and for purposes of this subsection1 the term excess outlay amount means the amount by which total projected ,federal outlays for a fiscal year exceeds the outlay cap for that fiscal year4 7#b7 ,sequestration 7,a7 ,,cbo preview report ,on ,august #ae of each year1 the ,congressional ,budget ,office shall issue a sequestration preview report as described in section #bed7;c77#d74 7,b7 ,,omb preview report ,on ,august #bj of each year1 the ,office of ,management and ,budget shall issue a sequestration preview report as described in section #bed7;c77#d74 7,c7 ,final report ,on ,october #ca of each year1 the ,office of ,management and ,budget shall issue its final sequestration report as described in section #bed7;f77#c74 ,it shall be accompanied by a ,presidential order detailing uniform spending reductions equal to the excess outlay amount as defined in this section4 7,d7 ,process ,the reductions shall generally follow the process set forth in sections #bec and #bed1 except as provided in this section4 7#c7 ,congressional action ,if the ,august #bj report by the ,office of ,management and ,budget projects a sequestration1 the ,committee on the ,budget of the ,senate and the ,committee on the ,budget of the ,house of ,representatives may report a resolution directing committees of their ,house to change the existing law to achieve the spending reductions outlined in the ,august #bj report necessary to meet the outlay limits4 7c7 ,no exempt programs ,section #bee and section #bef shall not apply to this section or any sequestration order issued under this section1 except that payments for net interest 7budget function #ijj7 shall be exempt from the spending reductions under sequestration4 7d7 ,look back ,if1 after ,november #ad1 a bill resulting in outlays for the fiscal year in progress is enacted that causes excess outlays1 the excess outlay amount for the next fiscal year shall be increased by the amount or amounts of that breach4 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 7#b ,u4,s4,c4 #ijd7;c77#d77 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 #bjae through #bjag1 the aggregate projected outlays 7less net interest payments71 less one percent4 7ii7 ,for budget year #bjah and each subsequent budget year1 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 7#b ,u4,s4,c4 #ijd7;f77#c77 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 reports 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 reports 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 7#b ,u4,s4,c4 #fca et seq47 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 amendment between the ,houses1 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 this ,act shall apply to fiscal year #bjae and each fiscal year thereafter1 including any reports and calculations required for implementation in fiscal year #bjae4