This bill seeks to prevent a fiscal crisis by balancing the federal budget by cutting one penny out of every dollar the federal government spends. The bill balances the Federal budget by reducing federal spending by one percent per year for six years. Further, in the seventh year, federal spending would then be capped at 18 percent of Gross Domestic Product (GDP), to bring future spending in line with future revenues.
Next Congressional Actions:
In the House, it was referred to the Committee on the Budget and the Committee on Rules. No roll call vote scheduled at this time.
Read twice in the Senate and referred to the Committee on the Budget. No roll call vote scheduled at this time.
Read the Full Bills:
H.R. 1202 One Percent Spending Reduction Act of 2013 (Scott, GA)