To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for sequestration of Federal spending in excess of 18 percent of gross domestic product.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for a sequestration equal to the amount by which total outlays exceed 18 percent of the gross domestic product for any of FY 2002 through 2006.