Stop Bankrupting Our Country Act

[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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