Prohibits, beginning with FY 1993 and fiscal years thereafter, the growth in mandatory spending for all programs, except Social Security, from exceeding a level that allows for beneficiary and inflation growth.
Prohibits a congressional budget resolution or any bill, resolution, amendment, or conference report from causing mandatory funding from exceeding such level. Requires a three-fifths vote in the House or Senate to waive such prohibition.
Requires a sequester in any fiscal year that mandatory spending levels exceed the cap levels.
Introduced in Senate
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or to be discharged.
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