The Maximizing America's Prosperity Act of 2023 establishes a declining cap on total federal spending as a percentage of the economy's potential GDP, starting at 20.7 percent in 2024 and gradually reducing to 17.5 percent by 2033 and beyond. The bill affects all federal agencies and programs except net interest payments, and it applies automatic spending cuts called "spending reduction orders" if Congress exceeds these limits, with no single budget account facing more than a 5 percent reduction in any given year. The legislation requires the President's annual budget proposal to comply with these spending caps and to rank all federal programs into five priority categories, while setting aside at least 1 percent of discretionary spending for emergencies. The bill also directs the Office of Management and Budget and Congressional Budget Office to prepare annual reports tracking actual spending against these limits, effectively creating a mandatory mechanism to enforce fiscal restraint without a specified funding source or new appropriations.
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