- Not enactedThe President has not signed this bill
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Committee on the BudgetCommittee on RulesIntroducedMarch 14th, 2013
- house Committees
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One Percent Spending Reduction Act of 2013
To prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending.
One Percent Spending Reduction Act of 2013 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish the aggregate projected outlay (outlay cap) (less net interest payments) for FY2014 at the FY2013 outlay cap (as estimated by the Congressional Budget Office [CBO] before March 2013), less 1%. Reduces each outlay cap for FY2015-FY2018 by 1% of the previous fiscal year's outlay cap (as estimated by CBO before March of such fiscal year). Requires the outlay cap for FY2019 and each subsequent fiscal year to be 18% of the CBO-estimated gross domestic product (GDP) for that calendar year. Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the most recently reported, current outlay cap to be exceeded. Prescribes procedures for waiver or suspension of this rule.