Referred to the Committee on the Budget, and in addition to the Committees on Appropriations, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Stop Bankrupting Our Country Act would cap the growth of total federal spending starting in fiscal year 2025. Under this bill, annual federal spending could increase only by the combined average rates of inflation and population growth over the prior three-year period, meaning spending could essentially grow at the rate of the overall economy but not faster. The bill would apply to all federal spending including mandatory programs like Social Security and Medicare, but would exclude interest payments on the national debt. If federal spending exceeds the established limit in any fiscal year, the Office of Management and Budget must automatically reduce spending across all federal accounts by a uniform percentage to bring spending back under the cap, with certain programs like veterans benefits and Social Security protected from these automatic cuts. Congress could override this spending limit only through a two-thirds supermajority vote in both the House and Senate.
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