Spending Safeguard Act
This bill requires the Office of Management and Budget (OMB) to establish spending limits for direct spending programs that: (1) are enacted or reauthorized after enactment of this bill, and (2) do not have a specific level of authorized spending expressed as a dollar amount.
The spending limits must be equal to: (1) 120% of the cost of the program for defense, health, Medicare, income security, Social Security, and veterans benefits and services programs; and (2) 110% of the cost for any other program.
The OMB must maintain a publicly available scorecard that displays the spending level for any program that is subject to the limits. The OMB and the President must submit specified reports to Congress comparing current spending to the limits.
The bill prohibits obligations for programs that have reached the applicable spending limit. Agencies implementing programs listed on the OMB's scorecard must ensure that any contract, offer of benefits, or other material provided to program participants specifies that the program is subject to a spending limit that may impact future availability of funds to pay benefits.