Sec. 201. Limit on total spending
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Section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900(c) ) is amended— by striking paragraph (4); by redesignating paragraphs
(5)through
(21)as paragraphs
(4)through (20), respectively; and by adding at the end the following: The term GDP , for any fiscal year, means the gross domestic product during such fiscal year consistent with Department of Commerce definitions. . Title III of the Congressional Budget Act of 1974 ( 2 U.S.C. 631 et seq. ) is amended adding after section 318, as added by section 102 of this Act, the following: In this section, the term GDP outlay limit means an amount, as estimated by the Director of the Office of Management and Budget, equal to— projected GDP for that fiscal year as estimated by OMB, multiplied by 19.9 percent for fiscal year 2016; 19.52 percent for fiscal year 2017; 19.14 percent for fiscal year 2018; 18.76 percent for fiscal year 2019; 18.38 percent for fiscal year 2020; 18 percent for fiscal year 2021; 18 percent for fiscal year 2021; 18 percent for fiscal year 2022; 18 percent for fiscal year 2023; 18 percent for fiscal year 2024; and 18 percent for fiscal year 2025. The Director of the Office of Management and Budget shall establish in the President’s budget the GDP outlay limit for the budget year. In this section, total Federal outlays shall include all on-budget and off-budget outlays. The sequestration to enforce this section shall be implemented pursuant to section 254 of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 904 ). Section 255 of the Balanced Budget and Control Act of 1985 ( 2 U.S.C. 905 ) shall not apply to this section, except that payments for military personnel accounts (within subfunctional category 051), TRICARE for Life, Medicare (functional category 570), military retirement, Social Security (functional category 650), veterans (functional category 700), and net interest (functional category 900) shall be exempt. .
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