H.R. 5323 (111th): Save America’s Future Economy Act of 2010

Introduced:
May 18, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Lamar Smith
Representative for Texas's 21st congressional district
Party
Republican
Text
Read Text »
Last Updated
May 18, 2010
Length
6 pages
Related Bills
S. 3096 (Related)
Economic Disaster Prevention Act of 2010

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Last Action: Mar 10, 2010

S. 3095 (Related)
HELP Act

Referred to Committee
Last Action: Mar 09, 2010

 
Status

This bill was introduced on May 18, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced May 18, 2010
Referred to Committee May 18, 2010
 
Full Title

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to limit the year-to-year increase in total Federal spending to increases in the Consumer Price Index and population.

Summary

No summaries available.

Cosponsors
65 cosponsors (65R) (show)
Committees

House Budget

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/18/2010--Introduced.
Save America's Future Economy Act of 2010 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require the Office of Management and Budget (OMB) to calculate the uniform percentage by which nonexempt spending accounts are to be sequestered such that total government spending for a budget year, compared to the preceding fiscal year, does not increase at a rate greater than the percentage point change in the Consumer Price Index (CPI) plus the percentage point change in annual population growth.
Requires OMB to prepare annually a report to be included in the President's budget for each fiscal year setting forth:
(1) the projected level of total federal spending for the current year;
(2) the percentage point increase in the CPI over the fiscal year before the current year;
(3) the total percentage point increase in population from July 1 of the second preceding fiscal year before the current year and July 1 of the fiscal year before the current year;
(4) the sum of such total percentage point increases; and
(5) the projected level of total federal spending for the budget year and the amount, if any, by which that spending would exceed the projected level of total federal spending for the current year, as adjusted by the such sum of the total percentage point increases.
Prescribes requirements for OMB Preview Reports and OMB Final Sequestration Reports.
Requires the President to issue a sequestration order, effective on issuance, if OMB in its Final Sequestration Report estimates that any sequestration is required.
Prohibits OMB from including the budgetary effects of an emergency requirement in its estimates.
Exempts from any sequestration reduction order: (1) payments for net interest; and (2) federal obligations required to be paid under the U.S. Constitution or legally contractual obligations.
Extends indefinitely certain Pay-As-You-Go (PAYGO) enforcement mechanisms.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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