All Information (Except Text) for S.2495 - One Percent Spending Reduction Act of 2014113th Congress (2013-2014)
|Sponsor:||Sen. Enzi, Michael B. [R-WY] (Introduced 06/19/2014)|
|Committees:||Senate - Budget|
|Latest Action:||Senate - 06/19/2014 Read twice and referred to the Committee on the Budget. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
One Percent Spending Reduction Act of 2014
Actions Overview (1)
|06/19/2014||Introduced in Senate|
06/19/2014 Introduced in Senate
All Actions (1)
|06/19/2014||Read twice and referred to the Committee on the Budget.|
Action By: Senate
06/19/2014 Read twice and referred to the Committee on the Budget.
|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|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Budget||06/19/2014||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
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.