H.R. 9519

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9519 Introduced in House (IH)]

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118th CONGRESS
2d Session
H. R. 9519

To establish a limit on increases in total Federal spending, and for 
other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

September 10, 2024

Mr. Edwards introduced the following bill; which was referred to the 
Committee on the Budget, and in addition to the Committees on 
Appropriations, and Rules, for a period to be subsequently determined 
by the Speaker, in each case for consideration of such provisions as 
fall within the jurisdiction of the committee concerned

_______________________________________________________________________

A BILL

To establish a limit on increases in total Federal spending, and for 
other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Stop Bankrupting Our Country Act''.

SEC. 2. LIMIT ON GROWTH OF FEDERAL SPENDING.

(a) Limit.--
(1) In general.--Except as provided in paragraph (2), 
during any fiscal year beginning with fiscal year 2025, the 
total amount of Federal expenditures during such fiscal year 
may not exceed the total amount of Federal expenditures for the 
preceding fiscal year, increased by a percentage equal to--
(A) the average inflation change, expressed as a 
percentage, for the calendar year ending in such 
preceding fiscal year and the preceding two calendar 
years, plus
(B) the average change in national population, 
expressed as a percentage, for the calendar year ending 
in such preceding fiscal year and the preceding two 
calendar years.
(2) Exception.--Congress may only increase the spending 
limit established under this section for a fiscal year by an 
affirmative vote of two-thirds of the Members of the House of 
Representatives and the Senate.
(b) Sequestration.--
(1) In general.--Not later than January 15 of each calendar 
year, the Director of the Office of Management and Budget shall 
determine whether Federal expenditures for the most recently 
ended fiscal year exceeded Federal expenditures for the 
previous fiscal year under subsection (a) and submit a report 
to Congress and the President.
(2) Rescission.--If the Director determines that Federal 
expenditures were so exceeded under paragraph (1), on the date 
such report is issued, there is hereby rescinded an amount 
equal to the excess of such expenditures. Such a rescission 
shall be applied to all accounts in a uniform percentage 
necessary to achieve the level of the required rescission, 
except that with respect to any such rescission--
(A) any account exempted from sequestration under 
the Balanced Budget and Emergency Deficit Control Act 
of 1985 shall be exempt; and
(B) the general and special sequestration rules 
under such Act for accounts, including the rules under 
section 256 of such Act, shall apply.
(c) Definitions.--In this Act--
(1) the term ``Federal expenditures'' means total Federal 
expenditures, including all mandatory spending and 
discretionary spending, but does not include net interest 
payments on the debt;
(2) the term ``inflation change'' means the percentage 
increase in implicit price deflator for gross domestic product 
as reported by the Bureau of Economic Analysis (or any 
successor agency); and
(3) the term ``population'' means the number of individuals 
residing in the United States, excluding members of the Armed 
Forces stationed overseas, as reported annually by the Bureau 
of the Census.
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