Save America’s Future Economy Act (SAFE) of 2010
Today I became a cosponsor of the Save America’s Future Economy Act (SAFE) of 2010. America’s debt has reached a crisis level. According to the non-partisan Congressional Budget Office (CBO), the president’s budgets were already projected to double the national debt in five years and triple it in ten before the Democrats passed a government takeover of health care will increase health care spending by at least 8% a year. This legislation will fight the reckless spending that threatens the future of our country. The bill limits annual increases in spending to the total of percentage increases in population growth and inflation. It will force Congress to monitor federal spending and reform our entitlement programs, which are already near insolvency. If this legislation were enacted today, the deficit would decrease every year and I estimate that we would achieve a balance budget in nine years. Text of the legislation is posted below for your review:
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.
1 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Save America’s Future
5 Economy Act of 2010’’.
1 SEC. 2. LIMITATION ON THE GROWTH OF FEDERAL SPENDING.
3 (a) IN GENERAL.—Part C of the Balanced Budget
4 and Emergency Deficit Control Act of 1985 is amended
5 by adding after section 253 the following new section:
6 ‘‘SEC. 253A. LIMITATION ON THE GROWTH OF FEDERAL
7 SPENDING.
8 ‘‘(a) REDUCING NONEXEMPT SPENDING ACCOUNTS
9 BY A UNIFORM PERCENTAGE.—OMB shall calculate the
10 uniform percentage by which nonexempt spending ac11
counts are to be sequestered such that the total spending
12 of the Government for a budget year compared to the pre13
ceding fiscal year does not increase at a rate greater than
14 the percentage point change in the Consumer Price Index
15 plus the percentage point change in annual population
16 growth as computed under this section.
17 ‘‘(b) JANUARY OMB REPORTS.—In January of each
18 calendar year, OMB shall prepare a report which shall be
19 included in the budget submission of the President under
20 section 1105(a) of title 31, United States Code, for the
21 fiscal year beginning on October 1 of that calendar setting
22 forth—
23 ‘‘(1) the projected level of total Federal spend
24ing for the current year;
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1 ‘‘(2) the percentage point increase in the Con
2sumer Price Index over the 12-month period com
3prising the fiscal year before the current year;
4 ‘‘(3) the total percentage point increase in pop
5ulation from July 1 of the second preceding fiscal
6 year before the current year and July 1 of the fiscal
7 year before the current year;
8 ‘‘(4) the sum of the total percentage point in
9creases under paragraphs (2) and (3); and
10 ‘‘(5) the projected level of total Federal spend
11ing for the budget year and the amount, if any, by
12 which that spending would exceed the projected level
13 of total Federal spending for the current year as ad
14justed by the sum of the total percentage point in
15creases under paragraphs (2) and (3).
16 ‘‘(c) PREVIEW REPORT.—Not later than August 20
17 of each calendar year, OMB shall prepare and have print
18ed in the Federal Register a preview report which shall
19 set forth for the budget year the following:
20 ‘‘(1) An up-to-date reestimate of all of the in
21formation set forth in the most recent report of
22 OMB under subsection (b).
23 ‘‘(2) The estimated percentage point reduction
24 that would be required in nonexempt spending ac-
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1 counts in order to limit total Federal spending as set
2 forth under paragraph (1).
3 ‘‘(d) OMB FINAL SEQUESTRATION REPORT.—Not
4 later than 15 days after Congress adjourns to end a ses
5sion, but after any sequestration under section 5 of the
6 Statutory Pay-As-You-Go act of 2010, OMB shall prepare
7 and have printed in the Federal Register a final sequestra
8tion report which shall set forth for the budget year the
9 following:
10 ‘‘(1) An up-to-date reestimate of all of the in
11formation set forth in the most recent report of
12 OMB under subsection (c), taking into account any
13 sequestration under such section 5.
14 ‘‘(2) The percentage point reduction that would
15 be required in nonexempt spending accounts in order
16 to limit total Federal spending as set forth under
17 paragraph (1).
18 ‘‘(3) The amount by which total Federal spend
19ing exceeds the permissible amount of such spending
20 under this section.
21 ‘‘(e) PRESIDENTIAL ORDER.—On the same day that
22 OMB issues its final sequestration report, the President
23 shall issue an order fully implementing without change all
24 sequestrations required by the OMB calculation set forth
25 in that report. This order shall be effective on issuance.
1 ‘‘(f) ADJUSTMENT FOR EMERGENCY SPENDING.—(1)
2 If a provision is enacted as an emergency requirement that
3 the Congress so designates in statute pursuant to this sub
4section, the amounts of new budget authority and outlays
5 in all fiscal years resulting from that provision shall be
6 treated as an emergency requirement for the purposes of
7 this section.
8 ‘‘(2) If a provision is designated as an emergency re
9quirement under this section, OMB shall not include the
10 budgetary effects of such a provision in its estimates
11 under this section.
12 ‘‘(g) EXEMPTIONS.—The following shall be exempt
13 from reduction under any order issued under this section:
14 ‘‘(1) Payments for net interest.
15 ‘‘(2) Any obligations of the Government re
16quired to be paid under the United States Constitu
17tion or legally contractual obligations.’’.
18 (b) CONFORMING AMENDMENT.—The table of con
19tents set forth in section 250(a) of the Balanced Budget
20 and Emergency Deficit Control Act of 1985 is amended
21 by inserting after the item relating to section 253 the fol
22lowing new item:‘‘253A. Limitation on the growth of Federal spending.’’.
23 SEC. 3. ELIMINATION OF EXPIRATION DATE.
24 Section 275(b) of the Balanced Budget and Emer25
gency Deficit Control Act of 1985 is repealed.
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1 SEC. 4. EFFECTIVE DATE.
2 This Act and the amendments made by it shall apply
3 to fiscal year 2012 and subsequent fiscal years.
