Maximizing America's Prosperity Act of 2015

Summary: Maximizing America's Prosperity Act of 2015  This bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 and the Congressional Budget and Impoundment Control Act of 1974 to limit total noninterest federal spending to a specified percentage of potential gross domestic product (GDP).  The cap begins at 19% of potential GDP for FY2016 and decreases each fiscal year until it reaches 16% of potential GDP for FY2024 and subsequent fiscal years. The total cap for each year fiscal year must be reduced by an amount equal to the unfunded direct costs of federal mandates for the year.  The bill revises the existing sequestration process to establish a new process to enforce the limits established by this bill. To enforce the caps, the bill's sequestration process would impose automatic cuts to discretionary spending. No discretionary budget account is permitted to be reduced by more than 5% of its budgetary resources.  The bill eliminates adjustments to spending limits that are currently permitted for emergency spending. The President's budget must include an allowance for emergency spending that is no less than 1% of discretionary spending for the year. The appropriations committees must set aside for emergencies 1% of the funding allocation provided to the committees by the budget resolution. 

SECTION 1. SHORT TITLE.

    This title may be cited as the ``Maximizing America's Prosperity 
Act of 2015''.

SEC. 2. TOTAL SPENDING LIMITS.

    (a) Total Spending Limits.--Section 251 of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 901) is amended to read 
as follows:

``SEC. 251. TOTAL SPENDING LIMITS.

    ``(a) Projections.--
            ``(1) OMB report.--OMB shall prepare a report comparing 
        projected total spending under section 257 and the total 
        spending limits in subsection (c), and include such report in 
        the budget as submitted by the President annually under section 
        1105(a) of title 31, United States Code.
            ``(2) CBO report.--CBO shall prepare a report comparing 
        projected total spending under section 257 and the total 
        spending limits in subsection (c) and include such report in 
        the CBO annual baseline and reestimate of the President's 
        budget.
            ``(3) Inclusion in spending reduction orders.--Reports 
        prepared pursuant to this subsection shall be included in the 
        spending reduction report.
    ``(b) Spending Reduction Order.--(1) Within 15 calendar days after 
Congress adjourns to end a session, there shall be a spending reduction 
order under section 254(f)(5).
    ``(2) Each non-exempt discretionary budget account shall be reduced 
by a dollar amount calculated by multiplying the enacted level of 
sequestrable budgetary resources in that account at that time by the 
uniform percentage necessary to achieve the required automatic spending 
reduction.
    ``(3) No discretionary budget account shall be subject to a 
spending reduction of more than five percent of its budgetary 
resources.
    ``(c) Fiscal Years of the Total Spending Period.--The fiscal years 
within the total spending period shall be as follows:
            ``(1) Fiscal year 2016: 19.0 percent of potential GDP.
            ``(2) Fiscal year 2017: 17.7 percent of potential GDP.
            ``(3) Fiscal year 2018: 17.0 percent of potential GDP.
            ``(4) Fiscal year 2019: 16.8 percent of potential GDP.
            ``(5) Fiscal year 2020: 16.7 percent of potential GDP.
            ``(6) Fiscal year 2021: 16.6 percent of potential GDP.
            ``(7) Fiscal year 2022: 16.6 percent of potential GDP.
            ``(8) Fiscal year 2023: 16.3 percent of potential GDP.
            ``(9) Fiscal year 2024: 16.0 percent of potential GDP.
            ``(10) Fiscal year 2025 and subsequent fiscal years: 16.0 
        percent of potential GDP.
    ``(d) Reduction for Unfunded Federal Mandates.--The amount 
determined under subsection (c) with respect to each fiscal year shall 
be reduced by an amount equal to the amount of the unfunded direct 
costs with respect to such fiscal year of Federal mandates (as such 
terms are defined under section 421 of the Congressional Budget Act of 
1974) enacted after the date of the enactment of this section. Such 
amount shall not be treated as being less than zero with respect to any 
fiscal year.''.
    (b) Repeal of Section 251A.--Section 251A of the Balanced Budget 
and Emergency Deficit Control Act of 1985 (2 U.S.C. 901a) is repealed.
    (c) Definitions.--Section 3 of the Congressional Budget and 
Impoundment Control Act of 1974 (2 U.S.C. 622) is amended by adding at 
the end the following new paragraphs:
            ``(12) The term `total spending' means all outlays of the 
        Government including those from off-budget entities and budget 
        authority and outlays flowing therefrom, as applicable, 
        designated as emergencies, and excluding net interest.
            ``(13) The term `total spending limit' means the maximum 
        permissible total spending of the Government set forth as a 
        percentage of estimated potential GDP.
            ``(14) The term `potential GDP' has the same meaning as the 
        term potential GDP used by the Congressional Budget Office, 
        which is the gross domestic product that would occur if the 
        economy were at full employment, not exceeding the employment 
        level at which inflation would occur.''.
    (d) Conforming Amendments Resulting From the Repeal of Old Section 
251.--
            (1) Definitions.--Paragraphs (3) and (4) of section 250(c) 
        of the Balanced Budget and Emergency Deficit Control Act of 
        1985 are repealed.
            (2) Sections 254(c) and 254(f) amendments.--Sections 
        254(c)(2) and 254(f)(2) of such Act are repealed.
    (e) Additional Conforming Amendments to Section 254.--(1) The table 
set forth in section 254(a) of the Balanced Budget and Emergency 
Deficit Control Act of 1985 (2 U.S.C. 904(a)) is amended by striking 
``sequestration'' each place it appears.
    (2) Section 254(c)(1) of such Act is amended by inserting ``and'' 
before ``pay-as-you-go'' and by striking ``, and deficit'' and 
inserting ``and regarding spending reduction''.
    (3) Section 254(c)(4) of such Act is amended to read as follows:
            ``(4) Spending reduction report.--The preview report shall 
        set forth for the budget year estimates for each of the 
        following:
                    ``(A) Estimated total spending.
                    ``(B) Estimate of potential GDP.
                    ``(C) The spending reduction percentage necessary 
                to achieve the applicable percent of potential GDP 
                under section 251(c).''.
    (4) Section 254(f)(3) of such Act is amended--
            (A) in the side heading, by striking ``and deficit 
        sequestration reports'' and insert ``sequestration report and 
        spending reduction report''; and
            (B) in the first sentence, by striking ``and deficit 
        sequestration preview reports'' and inserting ``sequestration 
        preview report and the spending reduction report''.
    (f) Conforming Amendment to Section 250.--The item relating to 
section 251 in the table of contents set forth in 250(a) of the 
Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 
900(a)) is amended to read as follows:

``Sec. 251. Total spending limits.''.

SEC. 3. ALLOCATION FOR EMERGENCIES.

    (a) Section 302(a) of the Congressional Budget Act of 1974 (2 
U.S.C. 633(a)) is amended by adding at the end the following new 
paragraph:
            ``(6) Allocation to the committees on appropriations for 
        emergencies.--Of the amounts of new budget authority and 
        outlays allocated to the Committees on Appropriations for the 
        first fiscal year of the concurrent resolution on the budget, 1 
        percent shall be set aside for emergencies and may be used for 
        no other purpose.''.
    (b) Section 1105(a)(14) of title 31, United States Code, is amended 
by inserting ``, including an amount for emergency spending not less 
than 1 percent of all discretionary spending for that year'' before the 
period.