Cap Spending to Reduce Borrowing Act - Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives and in the Senate to consider any bill, joint resolution, amendment, or conference report increasing the statutory limit on the public debt unless such measure includes limits on the total level of discretionary and direct spending for each of 10 consecutive fiscal years beginning with the first fiscal year in which the increase would occur.
Waives such prohibition for any measure increasing the statutory limit on the public debt if statutory limits are in place on the total level of such spending for each of 10 consecutive fiscal years beginning with the first fiscal year in which such increase would occur.
Repeals Rule XXVIII (Statutory Limit on Public Debt) of the Rules of the House (known as the "Gephardt Rule") which provides for mandatory adjustment of the statutory limit on the public debt to conform to a budget resolution.