Family Budget Protection Act of 2003 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require, within 15 days after the end of each congressional session, a sequestration to eliminate any deficit that exceeds the excess margin (maximum permissible deficit). Requires half of the required outlay reductions to come from non-exempt defense accounts and half to come from non-exempt non-defense accounts. Provides decreasing maximum deficit amounts for FY 2005 and thereafter, with a zero balance for FY 2012 and beyond. Requires adjustment of the maximum deficit in the event of negative Federal revenue growth.
Provides discretionary spending limits for FY 2005 through 2013. Repeals the Gramm-Rudman-Hollings Act expiration date.
Directs the Chairman of the House Budget Committee to maintain the Family Budget Protection Discretionary Account, to be debited and credited by new budget increases and reductions.
Provides spending caps on the growth of entitlements and mandatory budget outlays. Excludes benefits payable under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and Tier 1 railroad retirement benefits from required reductions under the Gramm-Rudman-Hollings Act, along with specified Government accounts and activities. Provides other exceptions, limitations, and special rules with respect to sequestration exemptions.
Directs the Chairman to maintain the Family Budget Protection Mandatory Account, to be debited and credited by increases or decreases in mandatory budget authority.
Freezes at current levels spending authority for each unearned entitlement, high-cost discretionary spending program and authorized and unauthorized discretionary spending programs.
Requires: (1) joint (currently, concurrent) and biennial (currently, annual) budget resolutions; (2) biennial appropriations Acts; and (3) biennial Government strategic and performance plans.
Requires the appropriation of funds out of any available Treasury amounts to continue in a new fiscal year any previously-authorized Government project or activity in the event that a regular appropriations bill does not become law by the beginning of that fiscal year.