Maximizing America's Prosperity Act: Federal Spending Limits
This act introduces limits on federal government spending, setting them as a percentage of potential economic growth. The goal is to right-size the government, grow the economy, and balance the budget. Citizens may experience changes in the availability and funding of public programs as the government operates under stricter budget constraints.
Key points
Sets maximum federal spending limits as a percentage of potential GDP, gradually reducing them to 17.5% from fiscal year 2031 onwards.
Implements automatic spending reductions if the budget exceeds the set limits, with a cap of 5% for any single budget account.
Requires the President to submit a budget compliant with the new limits and to prioritize all government programs into five categories, from vital to less essential.
Ensures that 1% of funds allocated for emergencies will be exclusively reserved for that purpose.
Status:
Expired
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