Nickel Plan Act
- Last Action
- 4/28/2021
Actions
- 2021-04-28Referred to the Committee on the Budget, and in addition to the Committee on 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.
- 2021-04-28Referred to the Committee on the Budget, and in addition to the Committee on 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.
- 2021-04-28Introduced in House
- 2021-04-28Introduced in House
CRS Summary
As of 2021-04-28 (00)
Nickel Plan Act
This bill modifies the federal budget process to establish and enforce new spending caps.
The bill establishes an outlay cap (less net interest payments) for FY2022 of $4.298 trillion, less 5%. For each year from FY2023-FY2026, the bill reduces the outlay cap by 5% of the previous year's outlay cap.
For FY2027 and subsequent years, total outlays may not exceed 18% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2028, total projected outlays for any year may not be less than the total projected outlays for the preceding year.
The OMB must enforce the spending caps using a sequester to eliminate any excess spending through automatic cuts. The bill eliminates the existing exemptions from sequestration.
If the OMB projects a sequester, the congressional budget committees may report a resolution directing congressional committees to change existing law to achieve the spending reductions necessary to meet the outlay limits.
The bill also establishes procedures for Congress to enforce the outlay caps established by this bill.
Cosponsors (2)
- Scott Perry (R-PA)
- Paul Gosar (R-AZ)
Subjects
- Appropriations
- Budget deficits and national debt
- Budget process
- Congressional oversight
- Government studies and investigations
- Legislative rules and procedure
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.