H.R.5323 - Save America's Future Economy Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Smith, Lamar [R-TX-21] (Introduced 05/18/2010)|
|Committees:||House - Budget|
|Latest Action:||05/18/2010 Referred to the House Committee on the Budget. (All Actions)|
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Summary: H.R.5323 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (05/18/2010)
Save America's Future Economy Act of 2010 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require the Office of Management and Budget (OMB) to calculate the uniform percentage by which nonexempt spending accounts are to be sequestered such that total government spending for a budget year, compared to the preceding fiscal year, does not increase at a rate greater than the percentage point change in the Consumer Price Index (CPI) plus the percentage point change in annual population growth.
Requires OMB to prepare annually a report to be included in the President's budget for each fiscal year setting forth: (1) the projected level of total federal spending for the current year; (2) the percentage point increase in the CPI over the fiscal year before the current year; (3) the total percentage point increase in population from July 1 of the second preceding fiscal year before the current year and July 1 of the fiscal year before the current year; (4) the sum of such total percentage point increases; and (5) the projected level of total federal spending for the budget year and the amount, if any, by which that spending would exceed the projected level of total federal spending for the current year, as adjusted by the such sum of the total percentage point increases.
Prescribes requirements for OMB Preview Reports and OMB Final Sequestration Reports.
Requires the President to issue a sequestration order, effective on issuance, if OMB in its Final Sequestration Report estimates that any sequestration is required.
Prohibits OMB from including the budgetary effects of an emergency requirement in its estimates.
Exempts from any sequestration reduction order: (1) payments for net interest; and (2) federal obligations required to be paid under the U.S. Constitution or legally contractual obligations.
Extends indefinitely certain Pay-As-You-Go (PAYGO) enforcement mechanisms.