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Senate Committee on FinanceIntroducedFebruary 27th, 2013
- senate Committees
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Sequester Replacement and Spending Reduction Act of 2013
A bill to amend the Balanced Budget and Emergency Deficit Control Act of 1985 to replace the sequester established by the Budget Control Act of 2011.
Sequester Replacement and Spending Reduction Act of 2013 - Prohibits implementation of the sequester for discretionary spending for FY2013 under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Reduces by $10 billion in both the security and non-security categories the discretionary caps for FY2013 provided in the Gramm-Rudman-Hollings Act, as modified by the Budget Control Act of 2011 for enforcement of a specified budget goal. Amends the Food and Nutrition Act of 2008 with respect to the standard utility allowance used in computing the excess shelter expense deduction under household income eligibility standards for the supplemental nutrition assistance (SNAP, formerly known as the food stamp program). Eliminates the requirement that a state agency using a standard utility allowance that reflects heating or cooling costs provide the allowance to a household that receives payments under the Low Income Home Energy Assistance Act of 1981 or other energy assistance program if the household incurs out-of-pocket heating or cooling expenses exceeding such assistance. Amends the Internal Revenue Code (IRC) to require taxpayers who are claiming the refundable portion of the child tax credit to include their Social Security numbers on their tax returns. Prohibits the use of federal funds to make payments of unemployment compensation to any individual whose adjusted gross income in the preceding year was at least $1 million. Amends the IRC to repeal the limitation on the amount of advance payments of the tax credit for insurance premium assistance for coverage under a qualified health plan that must be recaptured for exceeding the allowable credit amount for a taxable year. Amends the Consumer Financial Protection Act of 2010 to repeal the requirement for an annual transfer of funds from the Board of Governors of the Federal Reserve System to the Consumer Financial Protection Bureau (CFPB). Repeals: (1) the Consumer Financial Protection Fund, (2) the Victims Relief Fund, and (3) the authority of the CFPB Director to determine the CFPB's funding needs. Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any legislation after April 15 and unless the concurrent budget resolution for a fiscal year has been adopted for the concerned budget year, except by a waiver or suspension for an emergency by a three-fifths vote of the Members. Amends Rule XXVI (Committee Procedures) of the Standing Rules of the Senate to require the report accompanying each public bill or joint resolution reported by any committee to contain: (1) an analysis by the Congressional Research Service (CRS) to determine if the legislation creates any new federal program, office, or initiative that would duplicate or overlap any existing federal entity with similar mission, purpose, goals, or activities, along with a listing of all such overlapping or duplicative programs, offices, or initiatives; and (2) an explanation by the committee as to why the creation of each new program, office, or initiative is necessary if a similar one exists. Amends Rule XVII (References to Committees; Motions to Discharge; Reports of Committees; and Hearings Available) to make it out of order in the Senate to consider such a measure unless the committee of jurisdiction has prepared and posted on its website an overlapping and duplicative program analysis and explanation for the legislation that contains the same CRS analysis and committee explanation. Requires the Director of the Office of Management and Budget (OMB) to coordinate with the heads of federal agencies to: use available administrative authority to eliminate, consolidate, or streamline federal programs and agencies with duplicative and overlapping missions as identified in the March 2011 Government Accountability Office (GAO) report entitled "Opportunities to Reduce Potential Duplication in Government Programs, Save Tax Dollars, and Enhance Revenue" and apply any savings towards deficit reduction; report to Congress any legislative changes required to further eliminate, consolidate, or streamline such programs and agencies; determine the total cost savings to each agency from the implementation of this Act; and rescind from appropriate accounts the greater of $10 billion or the total amount of such cost savings. Amends the Continuing Appropriations Act, 2011, as amended by the Continuing Appropriations Resolution, 2013, to extend through December 31, 2014: (1) the freeze on statutory pay adjustments for federal employees and officials, and (2) the prohibition against any member of the Senior Executive Service or any senior level employee in the executive branch from receiving an increase in his or her rate of basic pay absent a change of position that results in a substantial increase in responsibility or a promotion. Applies such extended pay freeze to legislative branch employees as well as Members of Congress. Prohibits a Member of Congress from receiving a cost of living adjustment under the Legislative Reorganization Act of 1946 for any fiscal year in which the Congressional Budget Office (CBO) determines there is a federal budget deficit. Reduces the discretionary spending caps of the Gramm-Rudman-Hollings Act, as modified by the Budget Control Act of 2011, in the security and non-security categories for FY2014-FY2021. Increases the retirement contributions of federal employees and Members of Congress (other than revised annuity employees) to the Federal Employees' Retirement System (FERS) and to the Civil Service Retirement System (CSRS). Prohibits FERS annuity supplement payments to certain individuals who first become subject to FERS after December 31, 2013. Amends the Foreign Service Act of 1980 and the Central Intelligence Agency Retirement Act to increase pension contribution rates for employees and employers as well as annuity calculations with respect to the Foreign Service Pension System and the Central Intelligence Agency (CIA) Retirement and Disability System. Amends the Patient Protection and Affordable Care Act to reduce from 400% to 300% of the poverty line the income ceiling for individuals enrolled in qualified health plans who qualify for reductions in cost-sharing for out-of-pocket expenses. Prohibits the budgetary effects of this Act from being entered on the House PAYGO scorecard or the Senate Pay-As-You-Go scorecard.