To allow for moderate growth of mandatory spending.

Prohibits the growth of each individual mandatory program except Social Security, beginning with FY 1994 and fiscal years thereafter, from exceeding a level that is: (1) adjusted for beneficiary and inflation growth; plus (2) two percent for FY 1994 and one percent for FY 1995.

Requires a sequester to reduce spending for mandatory programs if Congress fails to make relevant changes in laws to maintain appropriate spending levels.