Section 1 Short title
This Act may be cited as the “Controlling America’s Perilous Spending Act”.
Controlling America’s Perilous Spending Act
A BILL
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to extend the discretionary spending limits through fiscal year 2032, and for other purposes.
Sec. 2 Extension of discretionary spending limits
Sense of Congress— It is the sense of Congress that—
the current fiscal trajectory is unsustainable, with the Federal debt now exceeding $30 trillion;
the Congressional Budget Office projects that spending, as a share of Gross Domestic Product, will rise from 19.6 percent in fiscal year 2022, to 24.3 percent by the end of the decade, and the Federal debt is projected to increase by approximately $16 trillion over the next 10 years;
the absence of fiscal guardrails, such as statutory discretionary spending caps, means that there is no meaningful restraint on Congress’ ability to appropriate excessive spending;
spending caps are a necessary tool to help bring spending under control and were in place from 1991 through 2002 and again from 2012 through 2021;
this legislation is a framework, based on May 2022 Congressional Budget Office projections, that would help rein in discretionary spending; and
the discretionary caps set forth below are designed to slow discretionary spending growth rates and may need to be amended to incorporate subsequent baseline changes prior to becoming law.
Extension— Section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901(c)) is amended—
in paragraph (7)(B), by striking “and” at the end; and
by inserting after paragraph (8) the following:
“(9) for fiscal year 2023, $1,587,164,000,000 in new budget authority;
“(10) for fiscal year 2024, $1,618,907,280,000 in new budget authority;
“(11) for fiscal year 2025, $1,651,285,425,600 in new budget authority;
“(12) for fiscal year 2026, $1,684,311,134,112 in new budget authority;
“(13) for fiscal year 2027, $1,717,997,356,794 in new budget authority;
“(14) for fiscal year 2028, $1,752,357,303,930 in new budget authority;
“(15) for fiscal year 2029, $1,787,404,450,009 in new budget authority;
“(16) for fiscal year 2030, $1,823,152,539,009 in new budget authority;
“(17) for fiscal year 2031, $1,859,615,589,789 in new budget authority; and
“(18) for fiscal year 2032, $1,896,807,901,585 in new budget authority;”
Point of order— Section 254 of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 904) is amended by adding at the end the following:
“(k) Point of order
“(1) In general—It shall not be in order in the House of Representatives or the Senate to consider any bill or joint resolution, or amendment thereto or conference report thereon, that suspends, waives, or otherwise prevents a sequestration order from taking effect under this section.
“(2) Waiver—Paragraph (1) may be waived or suspended in the Senate only by an affirmative vote of three-fifths of the Members, duly chosen and sworn.”