,,ii  #aac? ,,congress  #b;d ,session   
,s4 #bdie  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ai1 #bjad ,mr4  
,enzi 7= himself1 ,mr4 ,paul1 ,mr4      
,rubio1 ,mr4 ,ris*1 ,mr4 ,b>rasso1 ,mr4 
,vitt]1 & ,mr4 ,isakson7 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$uction
 ,act ( #bjad4  #b4  ,congressional     
f9d+s & purpose  7a7  ,f9d+s  ,congress 
f9ds ! foll[+3  7#a7 ,! fiscal crisis   
fac$ 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$]al sp5d+ has gr[n f #ah p]c5t (     
,,gdp 9 #bjja to ov] #bj p]c5t ( ,,gdp 9
 #bjad4  7,b7 ,total ,f$]al debt exce$s 
#ag1jjj1jjj1jjj1jjj & is project$ 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   
#bg1jjj1jjj1jjj1jjj by #bjbd4  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 #ah p]c5t ( ,,gdp1 inl9e )
 ! 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
 7#b ,u4,s4,c4 #ijj et seq47 is am5d$ by
 ins]t+ aft] section #bec ! foll[+3     
#bec;,a4  ,e/abli%+ outlay caps  7a7    
,outlay caps  ,9 ?is section1 ! t]m     
outlay cap means3  7#a7  ,fiscal ye>    
#bjae  ,= fiscal ye> #bjae1 ! aggregate 
outlays 7less net int]e/ paym5ts7 %all  
be #c1ggd1jjj1jjj1jjj1 less "o p]c5t4   
7#b7  ,fiscal ye> #bjaf  ,= fiscal ye>  
#bjaf1 ! aggregate outlays 7less net    
int]e/ paym5ts7 %all be ! am\nt comput$ 
"u p>agraph 7#a71 less "o p]c5t4  7#c7  
,fiscal ye> #bjag  ,= fiscal ye> #bjag1 
! aggregate outlays 7less net int]e/    
paym5ts7 %all be ! am\nt comput$ "u     
p>agraph 7#b71 less "o p]c5t4  7#d7     
,fiscal ye> #bjah & subsequ5t fiscal    
ye>s  7,a7  ,9 g5]al ,= fiscal ye> #bjah
 & ea* fiscal ye> !reaft]1 ! aggregate  
outlays %all be #ah p]c5t ( ! gross     
dome/ic product = t fiscal ye>1 z       
e/imat$ by ! ,(fice ( ,managem5t &      

,budget prior to ,m>* ( ! previ\s fiscal
 ye>4  7,b7  ,limitation ,not)/&+       
subp>agraph 7,a71 = any fiscal ye>      
beg9n+ ) fiscal ye> #bjai1 ! aggregate  
project$ outlays may n be less ?an !    
aggregate project$ outlays = ! prec$+   
fiscal ye>4  7b7  ,seque/ration  7#a7   
,9 g5]al  7,a7  ,excess sp5d+  ,n lat]  
?an #de cal5d> days aft] ! beg9n+ ( a   
fiscal ye>1 ! ,(fice ( ,managem5t &     
,budget %all prep>e & ! ,presid5t %all  
ord] a seque/ration to elim9ate any     
excess outlay am\nt4  7,b7  ,def9itions 
7i7  ,fiscal ye>s #bjae ?r\gh #bjag ,=  
ea* ( fiscal ye>s #bjae ?r\gh #bjag & = 
purposes ( ?is subsection1 ! t]m excess 
outlay am\nt means ! am\nt by :i* total 
project$ ,f$]al outlays 7less net int]e/
 paym5ts7 = a fiscal ye> exce$s ! outlay
 cap = t fiscal ye>4  7ii7  ,fiscal ye> 
#bjah & subsequ5t fiscal ye>s ,= fiscal 
ye> #bjah & ea* fiscal ye> !reaft] & =  
purposes ( ?is subsection1 ! t]m excess 
outlay am\nt means ! am\nt by :i* total 
project$ ,f$]al outlays = a fiscal ye>  

exce$s ! outlay cap = t fiscal ye>4     
7#b7  ,seque/ration  7,a7  ,,cbo preview
 report ,on ,augu/ #ae ( ea* ye>1 !     
,congressional ,budget ,(fice %all issue
 a seque/ration preview report z        
describ$ 9 section #bed7;c77#d74  7,b7  
,,omb preview report ,on ,augu/ #bj (   
ea* ye>1 ! ,(fice ( ,managem5t & ,budget
 %all issue a seque/ration preview      
report z describ$ 9 section             
#bed7;c77#d74  7,c7  ,f9al report ,on   
,octob] #ca ( ea* ye>1 ! ,(fice (       
,managem5t & ,budget %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  ,process ,! 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 report by !    
,(fice ( ,managem5t & ,budget projects a
 seque/ration1 ! ,committee on ! ,budget

 ( ! ,s5ate & ! ,committee on ! ,budget 
( ! ,h\se ( ,repres5tatives may report a
 resolution direct+ committees ( _!     
,h\se 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 
section or any seque/ration ord] issu$  
"u ?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 7#b ,u4,s4,c4     
#ijd7;c77#d77 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 #bjae ?r\gh    
#bjag1 ! aggregate project$ outlays     
7less net int]e/ paym5ts71 less "o      
p]c5t4  7ii7 ,= budget ye> #bjah & ea*  
subsequ5t budget ye>1 ! 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$uction "u section #bec;,a4  4  7#b7   
,f9al seque/ration reports  ,section    
#bed7;f77#c7 ( ! ,balanc$ ,budget &     
,em]g5cy ,deficit ,control ,act ( #aihe 
7#b ,u4,s4,c4 #ijd7;f77#c77 is am5d$ to 
read z foll[s3  7#c7  ,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$uctions4
 ,! reports %all also conta9 e/imates ( 
! effects on outlays on ! seque/ration (
 ea* outye> = direct sp5d+ programs4  4 
7c7  ,en=cem5t  ,title ,,iii ( !        
,congressional ,budget ,act ( #aigd 7#b 
,u4,s4,c4 #fca et seq47 is am5d$ 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     
am5dm5t betwe5 ! ,h\ses1 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 ?is ,act %all apply to fiscal   

ye> #bjae & ea* fiscal ye> !reaft]1     
includ+ any reports & calculations      
requir$ = implem5tation 9 fiscal ye>    
#bjae4