S. 2182 · 114th Congress
Cut, Cap, and Balance Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
PaulSponsorNo cosponsors.
This bill amends the Congressional Budget Act of 1974 to establish FY2016 spending limits of $2.832 trillion for new budget authority and $2.884 trillion for outlays. Spending for Social Security, Medicare, Veterans Benefits and Services, Net Interest, and Military Personnel is exempt from the limits.
What it does: CRS summary · Introduced in Senate · Oct 19, 2015
Cut, Cap, and Balance Act of 2015
This bill amends the Congressional Budget Act of 1974 to establish FY2016 spending limits of $2.832 trillion for new budget authority and $2.884 trillion for outlays. Spending for Social Security, Medicare, Veterans Benefits and Services, Net Interest, and Military Personnel is exempt from the limits.
The chairs of the congressional budget committees may make specified adjustments to the limits for legislation that designates amounts for Overseas Contingency Operations/ Global War on Terrorism.
The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to limit total annual spending for FY2016-FY2025 to a specified percentage of projected annual gross domestic product (GDP), which begins at 19.9% for FY2016 and decreases each year until it reaches 18% for FY2021-FY2025.
The bill enforces the spending limits using automatic spending cuts known as sequestration and specifies exemptions.
The Department of the Treasury may not exercise additional borrowing authority in subsequent legislation until a balanced budget amendment to the Constitution is submitted to the states that: (1) requires that total outlays not exceed total receipts, (2) contains a spending limitation as a percentage of GDP, and (3) requires tax increases be approved by a two-thirds vote in both houses of Congress.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Cut, Cap, and Balance Act of 2015
Latest action (Oct 20, 2015): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 274.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Oct 19, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.