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[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1521 Introduced in House (IH)]

107th CONGRESS
  1st Session
                                H. R. 1521

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
   to provide for sequestration of Federal spending in excess of 18 
                   percent of gross domestic product.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 4, 2001

    Mr. Smith of Michigan (for himself, Mr. Kingston, Mr. Akin, Mr. 
 Hostettler, Mr. Schaffer, Mr. Hoekstra, Mr. DeMint, Mr. Largent, Mr. 
    Bartlett of Maryland, Mr. Flake, Mr. Sam Johnson of Texas, Mr. 
Doolittle, Mr. Goode, Mr. Jones of North Carolina, Mr. Souder, and Mr. 
  Tancredo) introduced the following bill; which was referred to the 
                        Committee on the Budget

_______________________________________________________________________

                                 A BILL

 
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
   to provide for sequestration of Federal spending in excess of 18 
                   percent of gross domestic product.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SEQUESTRATION OF FEDERAL SPENDING IN EXCESS OF 18 PERCENT OF 
              GROSS DOMESTIC PRODUCT.

    (a) Sequestration To Reduce the Public Debt.--Part C of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by 
adding after section 253 the following new section:

``SEC. 253A. SEQUESTRATION TO FEDERAL SPENDING.

    ``(a) Sequestration.--For any of fiscal years 2002 through 2006, 
within 15 days after Congress adjourns to end a session, and on the 
same day as a sequestration (if any) under sections 251 and 252, but 
after any sequestration of budget-year budgetary resources required by 
those sections, there shall be a sequestration equivalent to the amount 
by which total outlays exceed 18 percent of the gross domestic product 
for that fiscal year as determined by OMB.
    ``(b) Applicability.--Each non-exempt account shall be reduced by a 
dollar amount calculated by multiplying the level of budgetary 
resources in that account at that time by the uniform percentage 
necessary to carry out subsection (a). All obligational authority 
reduced under this section shall be done in a manner that makes such 
reductions permanent.''.
    (b) Reports.--Section 254 of the Balanced Budget and Emergency 
Deficit Control Act of 1985 is amended--
            (1) in subsection (c)(1), by inserting striking ``and'' and 
        by inserting ``, and sequestration to reduce spending to 18 
        percent of gross domestic product'' before ``based on'';
            (2) in subsection (c), by redesignating paragraph (4) as 
        paragraph (5) and by inserting after paragraph (3) the 
        following new paragraph:
            ``(4) Sequestration to reduce spending reports.--The 
        preview reports shall set forth for the budget year estimates 
        for each of the following:
                    ``(A) The gross domestic product.
                    ``(B) The total amount of outlays.
                    ``(C) The sequestration percentage necessary to 
                achieve the required reduction in accounts under 
                section 253A(b).''; and
            (3) in subsection (f), by redesignating paragraphs (4) and 
        (5) as paragraphs (5) and (6), respectively, and by inserting 
        after paragraph (3) the following new paragraph:
            ``(4) Sequestration to reduce spending reports.--The final 
        reports shall contain all of the information contained in the 
        sequestration to reduce spending reports.''.
                                 <all>
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