Stop Bankrupting Our Country Act

Bill: 118-hr-9519
Sponsor: full_name: Rep. Edwards, Chuck [R-NC-11]
Introduced: 2024-09-10
Policy area: Economics and Public Finance
Latest action: action_date: 2024-09-10
text: Referred to the Committee on the Budget, and in addition to the Committees on Appropriations, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9519 IN THE HOUSE OF REPRESENTATIVES September 10, 2024 Mr. Edwards introduced the following bill; which was referred to the Committee on the Budget , and in addition to the Committees on Appropriations , and Rules , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To establish a limit on increases in total Federal spending, and for other purposes.

1. Short title This Act may be cited as the Stop Bankrupting Our Country Act . 2. Limit on growth of Federal spending (a) Limit (1) In general Except as provided in paragraph (2), during any fiscal year beginning with fiscal year 2025, the total amount of Federal expenditures during such fiscal year may not exceed the total amount of Federal expenditures for the preceding fiscal year, increased by a percentage equal to— (A) the average inflation change, expressed as a percentage, for the calendar year ending in such preceding fiscal year and the preceding two calendar years, plus (B) the average change in national population, expressed as a percentage, for the calendar year ending in such preceding fiscal year and the preceding two calendar years. (2) Exception Congress may only increase the spending limit established under this section for a fiscal year by an affirmative vote of two-thirds of the Members of the House of Representatives and the Senate. (b) Sequestration (1) In general Not later than January 15 of each calendar year, the Director of the Office of Management and Budget shall determine whether Federal expenditures for the most recently ended fiscal year exceeded Federal expenditures for the previous fiscal year under subsection (a) and submit a report to Congress and the President. (2) Rescission If the Director determines that Federal expenditures were so exceeded under paragraph (1), on the date such report is issued, there is hereby rescinded an amount equal to the excess of such expenditures. Such a rescission shall be applied to all accounts in a uniform percentage necessary to achieve the level of the required rescission, except that with respect to any such rescission— (A) any account exempted from sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985 shall be exempt; and (B) the general and special sequestration rules under such Act for accounts, including the rules under section 256 of such Act, shall apply. (c) Definitions In this Act— (1) the term Federal expenditures means total Federal expenditures, including all mandatory spending and discretionary spending, but does not include net interest payments on the debt; (2) the term inflation change means the percentage increase in implicit price deflator for gross domestic product as reported by the Bureau of Economic Analysis (or any successor agency); and (3) the term population means the number of individuals residing in the United States, excluding members of the Armed Forces stationed overseas, as reported annually by the Bureau of the Census.