Stop Bankrupting Our Country Act: Federal Spending Growth Limit
This bill establishes a permanent cap on the annual growth of total Federal expenditures, directly impacting the funding available for all government programs, from defense to social benefits. Spending growth will be limited to the sum of the average inflation change and the average national population change over the preceding three years. If spending exceeds this limit, automatic budget cuts (sequestration) will be triggered across all non-exempt areas, potentially leading to reduced funding for public services.
Key points
Spending Growth Cap: Starting in fiscal year 2025, total Federal expenditures (mandatory and discretionary) cannot increase by more than the sum of the average inflation and population growth over the preceding three years.
Automatic Budget Cuts: If the spending limit is exceeded, the excess amount will be automatically rescinded (sequestered) through uniform percentage cuts across all non-exempt budget accounts and programs.
Higher Threshold for Increases: Congress can only raise the established spending limit with an affirmative vote of two-thirds of the Members of both the House of Representatives and the Senate.
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