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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

One Percent Spending Reduction Act of 2014

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending.

Actions Overview (1)

Date Actions Overview
06/19/2014Introduced in Senate

All Actions (1)

Date All Actions
06/19/2014Read twice and referred to the Committee on the Budget.
Action By: Senate

Cosponsors (8)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Paul, Rand [R-KY]* 06/19/2014
Sen. Rubio, Marco [R-FL]* 06/19/2014
Sen. Risch, James E. [R-ID]* 06/19/2014
Sen. Barrasso, John [R-WY]* 06/19/2014
Sen. Vitter, David [R-LA]* 06/19/2014
Sen. Isakson, Johnny [R-GA]* 06/19/2014
Sen. Flake, Jeff [R-AZ] 07/29/2014
Sen. Moran, Jerry [R-KS] 07/29/2014

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Budget06/19/2014 Referred to

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Subjects (6)

Latest Summary (1)

There is one summary for S.2495. View summaries

Shown Here:
Introduced in Senate (06/19/2014)

One Percent Spending Reduction Act of 2014 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish and enforce new spending caps.

Establishes the aggregate outlay cap (less net interest payments) for FY2015 at $3.774 trillion, less 1%. Reduces the outlay cap for FY2016-FY2017 by 1% of the previous fiscal year's outlay cap.

Requires the outlay cap for FY2018 and subsequent fiscal years to be 18% of the gross domestic product (GDP) for that fiscal year as estimated by the Office of Management and Budget (OMB). Prohibits outlays from being less than those for the preceding fiscal year for any fiscal year beginning with FY2019.

Requires OMB to enforce the spending caps using a sequestration to eliminate any excess spending through automatic cuts. Eliminates most exemptions from sequestration.

Permits the budget committees to report a resolution directing the committees of their respective chambers to change existing law to achieve the spending reductions necessary to meet the outlay limits if a sequestration is projected.

Amends the Congressional Budget Act of 1974 to create procedures for the House and Senate to enforce the outlay caps established in this Act.