U.S. Congress - H.R.1848 One Percent Spending Reduction Act of 2011
H.R.1848 - One Percent Spending Reduction Act of 2011
To prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending. view all titles (2)
All Bill Titles
- Short: One Percent Spending Reduction Act of 2011 as introduced.
- Official: To prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending. as introduced.
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Committees
Official Summary
5/11/2011--Introduced.One Percent Spending Reduction Act of 2011 - Amends the Balance Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish the aggregate projected outlay (outlay cap) (less net interest payments) for FY2012 at $3.382 billion, less 1%. ReOfficial Summary
5/11/2011--Introduced.One Percent Spending Reduction Act of 2011 - Amends the Balance Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish the aggregate projected outlay (outlay cap) (less net interest payments) for FY2012 at $3.382 billion, less 1%. Reduces each outlay cap for FY2013-FY2017 by 1% of the previous fiscal year's outlay cap. Requires the outlay cap for FY2018 and each subsequent fiscal year to be 18% of the gross domestic product (GDP) for that fiscal year as estimated by the Office of Management and Budget (OMB). Prohibits the outlay caps from being less than those for the preceding fiscal year for FY2019 and any ensuing fiscal year. Requires a sequestration by OMB within 45 days after the beginning of a fiscal year to eliminate any excess outlay amount. Prescribes requirements for Congressional Budget Office (CBO) and OMB sequestration preview reports and an OMB final sequestration report, accompanied by a presidential order detailing uniform spending reductions equal to the excess outlay amount. Requires the House and the Senate budget committees to report a resolution directing the committees of their respective chambers to change existing law to achieve the spending reductions outlined in the OMB August 20 report to meet the outlay limits, if a sequestration is projected. States that if, after November 15, a bill resulting in outlays for the current fiscal year is enacted that causes excess outlays, the excess outlays for the next fiscal year shall be increased by the amount or amounts of that breach. Repeals provisions of the Gramm-Rudman-Hollings Act terminating Pay-As-You-Go (PAYGO) enforcement mechanisms under such Act. Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the most recently reported, current outlay limits in the Gramm-Rudman-Hollings Act to be exceeded. Prescribes procedures for waiver or suspension of this rule....Read the Rest
Organizations Supporting H.R.1848
- National Taxpayers Union
- One Cent Solution
- Freedom Works
Organizations Opposing H.R.1848
- None via MapLight at this time.
Recent News Coverage
Before there was a TEA Party, there was Connie Mack
In 2011, Connie Mack submitted H.R. 1848, commonly known as the ‘Mack Penny Plan’. Many economists believe his plan is a realistic method for balancing the federal budget. This plan seeks to cut one penny from every dollar spent by the federal ...
'Mack Plan' Cuts Pennies To Slash Trillions In Budget
Just a straightforward answer (which happens to be right on target.) While others argue why the federal budget can't be balanced, Mack has introduced legislation (H.R. 1848) to balance the budget by cutting one penny out of every dollar of federal spending
Mack Penny Plan just might direct budget toward solvency
Last May, Rep. Connie Mack of Florida introduced legislation (H.R. 1848) to balance the federal budget using nothing more than the power of a penny. The measure, widely known as the Mack Penny Plan, would balance the budget by cutting federal ...
Recent Blog Coverage
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House Ag Committee outlines budget priorities | CowboyByte
H.R. 1848, the “One Percent Spending Reduction Act” http://mack.house.gov/index.cfm?p=Penny-Plan · Reply. Mr.Lincoln says: March 9, 2012 at 9:37 pm. Sen. Rand Paul today unveiled his FY2013 budget, “A Platform to ...
House Ag Committee outlines budget priorities | CowboyByte
H.R. 1848, the “One Percent Spending Reduction Act” http://mack.house.gov/index.cfm?p=Penny-Plan · Reply. Mr.Lincoln says: March 9, 2012 at 9:37 pm. Sen. Rand Paul today unveiled his FY2013 budget, “A Platform to ...
House Ag Committee outlines budget priorities | CowboyByte
H.R. 1848, the “One Percent Spending Reduction Act” http://mack.house.gov/index.cfm?p=Penny-Plan · Reply. Mr.Lincoln says: March 9, 2012 at 9:37 pm. Sen. Rand Paul today unveiled his FY2013 budget, “A Platform to ...
Latest Letters to Congress
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H.R.1848 One Percent Spending Reduction Act of 2011
ernestreid
September 19, 2011
I am writing as your constituent in the 26th Congressional district of Texas. I support H.R.1848 - One Percent Spending Reduction Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
If you have not already done so, please cosponsor H. R. 1848 immediately. If you will not cosponsor H. R. 1848, I would expect you to tell me why not. It is obvious the the House of Representatives and the United States Sen... -
H.R.1848 One Percent Spending Reduction Act of 2011
rschultzman
September 18, 2011
I am writing as your constituent in the 17th Congressional district of Texas. I support H.R.1848 - One Percent Spending Reduction Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability. It is time to bite the bullet and restore our country to sound financial footing. Reduce debt, reduce the deficit and give us the stability we need and want.
Sincerely,
ruth schultz -
H.R.1848 One Percent Spending Reduction Act of 2011
Smebys
August 08, 2011
I am writing as your constituent in the 7th Congressional district of Wisconsin. I support H.R.1848 - One Percent Spending Reduction Act of 2011, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Scott Smeby
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