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   &lt;pre&gt;[Congressional Record Volume 167, Number 73 (Wednesday, April 28, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. GOOD of Virginia:H.R. 2879.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8 of the United States Constitution.[Page H2128]&lt;/pre&gt;
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     &lt;p&gt;&lt;strong&gt;Nickel Plan Act&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;This bill modifies the federal budget process to establish and enforce new spending caps. &lt;/p&gt; &lt;p&gt;The bill establishes an outlay cap (less net interest payments) for FY2022 of $4.298 trillion, less 5%. For each year from FY2023-FY2026, the bill reduces the outlay cap by 5% of the previous year's outlay cap. &lt;/p&gt; &lt;p&gt;For FY2027 and subsequent years, total outlays may not exceed 18% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2028, total projected outlays for any year may not be less than the total projected outlays for the preceding year. &lt;/p&gt; &lt;p&gt;The OMB must enforce the spending caps using a sequester to eliminate any excess spending through automatic cuts. The bill eliminates the existing exemptions from sequestration. &lt;/p&gt; &lt;p&gt;If the OMB projects a sequester, the congressional budget committees may report a resolution directing congressional committees to change existing law to achieve the spending reductions necessary to meet the outlay limits. &lt;/p&gt; &lt;p&gt;The bill also establishes procedures for Congress to enforce the outlay caps established by this bill.&lt;/p&gt;
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   Nickel Plan Act
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     To prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending, and for other purposes.
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    Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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   This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
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H11100
2021-04-28
Rules Committee
hsru00
2
House floor actions
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-28
Budget Committee
hsbu00
2
House floor actions
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
Intro-H
2021-04-28
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Library of Congress
Introduced in House
IntroReferral
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2021-04-28
9
Library of Congress
Introduced in House
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2021-04-28T22:01:20Z
Referred to
House
Rules Committee
hsru00
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2021-04-28T22:01:15Z
Referred to
House
Budget Committee
hsbu00
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P000605
10
Scott
Rep. Perry, Scott [R-PA-10]
Perry
R
2021-05-18
PA
G000565
4
Paul
Rep. Gosar, Paul A. [R-AZ-4]
Gosar
A.
R
2022-02-07
AZ
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-04-28
2021-04-28
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
House
Economics and Public Finance
G000595
5
Bob
Rep. Good, Bob [R-VA-5]
N
Good
R
VA
Appropriations Budget deficits and national debt Budget process Congressional oversight Government studies and investigations Legislative rules and procedure
2021-04-28
Introduced in House
 <p><strong>Nickel Plan Act</strong></p> <p>This bill modifies the federal budget process to establish and enforce new spending caps. </p> <p>The bill establishes an outlay cap (less net interest payments) for FY2022 of $4.298 trillion, less 5%. For each year from FY2023-FY2026, the bill reduces the outlay cap by 5% of the previous year's outlay cap. </p> <p>For FY2027 and subsequent years, total outlays may not exceed 18% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2028, total projected outlays for any year may not be less than the total projected outlays for the preceding year. </p> <p>The OMB must enforce the spending caps using a sequester to eliminate any excess spending through automatic cuts. The bill eliminates the existing exemptions from sequestration. </p> <p>If the OMB projects a sequester, the congressional budget committees may report a resolution directing congressional committees to change existing law to achieve the spending reductions necessary to meet the outlay limits. </p> <p>The bill also establishes procedures for Congress to enforce the outlay caps established by this bill.</p>
2022-08-09T16:11:55Z
00
2021-04-28T04:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr2879ih/xml/BILLS-117hr2879ih.xml
Nickel Plan Act
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Introduced in House
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2023-03-08T19:58:55Z
2023-03-08T19:58:55Z
3.0.0
H11100
2021-04-28
Rules Committee
hsru00
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House floor actions
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-28
Budget Committee
hsbu00
2
House floor actions
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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2021-04-28
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2021-04-28
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2021-05-18
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Rep. Gosar, Paul A. [R-AZ-4]
Gosar
A.
R
2022-02-07
AZ
Appropriations Budget deficits and national debt Budget process Congressional oversight Government studies and investigations Legislative rules and procedure
2021-04-28
Introduced in House
 <p><strong>Nickel Plan Act</strong></p> <p>This bill modifies the federal budget process to establish and enforce new spending caps. </p> <p>The bill establishes an outlay cap (less net interest payments) for FY2022 of $4.298 trillion, less 5%. For each year from FY2023-FY2026, the bill reduces the outlay cap by 5% of the previous year's outlay cap. </p> <p>For FY2027 and subsequent years, total outlays may not exceed 18% of the gross domestic product (GDP) for that year as estimated by the Office of Management and Budget (OMB). Beginning in FY2028, total projected outlays for any year may not be less than the total projected outlays for the preceding year. </p> <p>The OMB must enforce the spending caps using a sequester to eliminate any excess spending through automatic cuts. The bill eliminates the existing exemptions from sequestration. </p> <p>If the OMB projects a sequester, the congressional budget committees may report a resolution directing congressional committees to change existing law to achieve the spending reductions necessary to meet the outlay limits. </p> <p>The bill also establishes procedures for Congress to enforce the outlay caps established by this bill.</p>
2022-08-09T16:11:55Z
00
Nickel Plan Act
Nickel Plan Act
Display Title
IH
Introduced in House
To prevent a fiscal crisis by enacting legislation to balance the Federal budget through reductions of discretionary and mandatory spending, and for other purposes.
Official Title as Introduced
IH
Introduced in House
Nickel Plan Act
Short Title(s) as Introduced
2021-04-28
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.