H.R.4060 - Freeze Government Spending Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Fleischmann, Charles J. "Chuck" [R-TN-3] (Introduced 02/16/2012)|
|Committees:||House - Budget|
|Latest Action:||02/16/2012 Referred to the House Committee on the Budget. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.4060 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (02/16/2012)
Freeze Government Spending Act of 2012 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish discretionary spending limits (spending caps) at the same specified level for each of FY2013-FY2021.
Requires the Office of Management and Budget (OMB), on January 2, 2013, for FY2013, and in its sequestration preview reports for FY2014-FY2021, to state: (1) the net amount of reduction in nonexempt direct spending accounts as $18.333 billion for each of FY2013-FY2020 and $18.336 billion for FY2021; and (2) the sequestration percentage necessary to achieve that reduction in nonexempt direct spending accounts for the applicable fiscal year.
Requires OMB, on such date during each applicable year, to prepare and the President to issue a sequestration order of nonexempt direct spending to achieve such direct spending reduction.
Requires: (1) the percentage reduction for the Medicare programs specified in the Gramm-Rudman-Hollings Act to be not more than 2% for a fiscal year; and (2) if the reduction would exceed 2% in the absence of such requirement, OMB to increase the reduction for all other direct spending by a uniform percentage to a level sufficient to achieve the required reduction in nonexempt direct spending.
Requires OMB to report to Congress on information about the calculations required under this Act, a listing of the reductions required for each nonexempt direct spending account, and any other data and explanations that enhance public understanding of this Act and actions taken under it.