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Nickel Plan Act: Federal Spending Cuts and Budget Caps

This act aims to prevent a fiscal crisis by setting strict limits on federal government spending. It introduces annual spending caps that will be progressively reduced, and if exceeded, automatic cuts will be triggered across various programs. This could mean less funding for some public services in the future, potentially affecting their availability and quality.
Key points
Establishes annual spending caps for the federal government, decreasing by 5% for the first four years, then set at 17.5% of GDP.
Automatic spending cuts (sequestration) will be triggered if the government exceeds these caps, potentially impacting funding for various programs and services.
Congress will have the option to make its own legislative changes to achieve required savings before automatic cuts occur.
No government programs will be exempt from these cuts, meaning all areas of spending could be affected.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 118_HR_260
Sponsor: Rep. Good, Bob [R-VA-5]
Process start date: 2023-01-10
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Nickel Plan Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_260.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-10.

What are the main provisions?

Key points include:

  • Establishes annual spending caps for the federal government, decreasing by 5% for the first four years, then set at 17.5% of GDP.
  • Automatic spending cuts (sequestration) will be triggered if the government exceeds these caps, potentially impacting funding for various programs and services.
  • Congress will have the option to make its own legislative changes to achieve required savings before automatic cuts occur.
  • No government programs will be exempt from these cuts, meaning all areas of spending could be affected.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Good, Bob [R-VA-5].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Public Investments