Section 1 Short title
This title may be cited as the “Maximizing America’s Prosperity Act of 2015”.
Maximizing America’s Prosperity Act of 2015
A BILL
To cap noninterest Federal Spending as a percentage of potential GDP to right-size the government, grow the economy, and balance the budget.
Sec. 2 Total spending limits
Total Spending Limits— Section 251 of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901) is amended to read as follows:
“251. Total spending limits
“(a) Projections
“(1) OMB report—OMB shall prepare a report comparing projected total spending under section 257 and the total spending limits in subsection (c), and include such report in the budget as submitted by the President annually under section 1105(a) of title 31, United States Code.
“(2) CBO report—CBO shall prepare a report comparing projected total spending under section 257 and the total spending limits in subsection (c) and include such report in the CBO annual baseline and reestimate of the President’s budget.
“(3) Inclusion in spending reduction orders—Reports prepared pursuant to this subsection shall be included in the spending reduction report.
“(b) Spending Reduction Order
“(1) Within 15 calendar days after Congress adjourns to end a session, there shall be a spending reduction order under section 254(f)(5).
“(2) Each non-exempt discretionary budget account shall be reduced by a dollar amount calculated by multiplying the enacted level of sequestrable budgetary resources in that account at that time by the uniform percentage necessary to achieve the required automatic spending reduction.
“(3) No discretionary budget account shall be subject to a spending reduction of more than five percent of its budgetary resources.
“(c) Fiscal Years of the Total Spending Period—The fiscal years within the total spending period shall be as follows:
“(1) Fiscal year 2016: 19.0 percent of potential GDP.
“(2) Fiscal year 2017: 17.7 percent of potential GDP.
“(3) Fiscal year 2018: 17.0 percent of potential GDP.
“(4) Fiscal year 2019: 16.8 percent of potential GDP.
“(5) Fiscal year 2020: 16.7 percent of potential GDP.
“(6) Fiscal year 2021: 16.6 percent of potential GDP.
“(7) Fiscal year 2022: 16.6 percent of potential GDP.
“(8) Fiscal year 2023: 16.3 percent of potential GDP.
“(9) Fiscal year 2024: 16.0 percent of potential GDP.
“(10) Fiscal year 2025 and subsequent fiscal years: 16.0 percent of potential GDP.
“(d) Reduction for unfunded Federal mandates—The amount determined under subsection (c) with respect to each fiscal year shall be reduced by an amount equal to the amount of the unfunded direct costs with respect to such fiscal year of Federal mandates (as such terms are defined under section 421 of the Congressional Budget Act of 1974) enacted after the date of the enactment of this section. Such amount shall not be treated as being less than zero with respect to any fiscal year.”
Repeal of section 251A— Section 251A of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901a) is repealed.
Definitions— Section 3 of the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 622) is amended by adding at the end the following new paragraphs:
“(12) The term total spending means all outlays of the Government including those from off-budget entities and budget authority and outlays flowing therefrom, as applicable, designated as emergencies, and excluding net interest.
“(13) The term total spending limit means the maximum permissible total spending of the Government set forth as a percentage of estimated potential GDP.
“(14) The term potential GDP has the same meaning as the term potential GDP used by the Congressional Budget Office, which is the gross domestic product that would occur if the economy were at full employment, not exceeding the employment level at which inflation would occur.”
Conforming amendments resulting from the repeal of old section 251—
Definitions— Paragraphs (3) and (4) of section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 are repealed.
Sections 254(c) and 254(f) amendments— Sections 254(c)(2) and 254(f)(2) of such Act are repealed.
Additional conforming amendments to section 254—
The table set forth in section 254(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 904(a)) is amended by striking “sequestration” each place it appears.
Section 254(c)(1) of such Act is amended by inserting “and” before “pay-as-you-go” and by striking “, and deficit” and inserting “and regarding spending reduction”.
Section 254(c)(4) of such Act is amended to read as follows:
“(4) Spending reduction report—The preview report shall set forth for the budget year estimates for each of the following:
“(A) Estimated total spending.
“(B) Estimate of potential GDP.
“(C) The spending reduction percentage necessary to achieve the applicable percent of potential GDP under section 251(c).”
Section 254(f)(3) of such Act is amended—
in the side heading, by striking “and deficit sequestration reports” and insert “sequestration report and spending reduction report”; and
in the first sentence, by striking “and deficit sequestration preview reports” and inserting “sequestration preview report and the spending reduction report”.
Conforming amendment to section 250— The item relating to section 251 in the table of contents set forth in 250(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 900(a)) is amended to read as follows:
Sec. 3 Allocation for emergencies
Section 302(a) of the Congressional Budget Act of 1974 (2 U.S.C. 633(a)) is amended by adding at the end the following new paragraph:
“(6) Allocation to the Committees on Appropriations for emergencies—Of the amounts of new budget authority and outlays allocated to the Committees on Appropriations for the first fiscal year of the concurrent resolution on the budget, 1 percent shall be set aside for emergencies and may be used for no other purpose.”
Section 1105(a)(14) of title 31, United States Code, is amended by inserting “, including an amount for emergency spending not less than 1 percent of all discretionary spending for that year” before the period.