Cut, Cap, and Balance Act of 2015
Latest action · Oct 20, 2015 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 274.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 19, 2015
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Cut, Cap, and Balance Act of 2015
This bill amends the Congressional Budget Act of 1974 to establish FY2016 spending limits of $2.832 trillion for new budget authority and $2.884 trillion for outlays. Spending for Social Security, Medicare, Veterans Benefits and Services, Net Interest, and Military Personnel is exempt from the limits.
The chairs of the congressional budget committees may make specified adjustments to the limits for legislation that designates amounts for Overseas Contingency Operations/ Global War on Terrorism.
The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to limit total annual spending for FY2016-FY2025 to a specified percentage of projected annual gross domestic product (GDP), which begins at 19.9% for FY2016 and decreases each year until it reaches 18% for FY2021-FY2025.
The bill enforces the spending limits using automatic spending cuts known as sequestration and specifies exemptions.
The Department of the Treasury may not exercise additional borrowing authority in subsequent legislation until a balanced budget amendment to the Constitution is submitted to the states that: (1) requires that total outlays not exceed total receipts, (2) contains a spending limitation as a percentage of GDP, and (3) requires tax increases be approved by a two-thirds vote in both houses of Congress.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Oct 20, 2015Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 274.
- Oct 19, 2015Introduced in Senate
- Oct 19, 2015Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
In the Congressional Record 3
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S7625, S7627 | Rand Paul R-KY, Ron Wyden D-OR | Oct 29, 2015 |
| Senate | Debate and remarks S7310 | Mitch McConnell R-KY | Oct 20, 2015 |
| Senate | Debate and remarks S7306 | Jeff Flake R-AZ | Oct 19, 2015 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to cut, cap, and balance the Federal budget.
- Short Titles as Introduced
- Cut, Cap, and Balance Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
Text 1
Each version as it was printed, newest first.
- Oct 20, 2015Placed on Calendar Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
