Full Bill Text

Vote Smart's Synopsis:

Vote to pass a concurrent resolution that appropriates funds for fiscal year 2013 and limits federal spending for fiscal years 2014 through 2022.

Highlights:

• Appropriates $2.79 trillion in funds for fiscal year 2013 (Sec. 101).

• Limits appropriations as follows for fiscal years 2014 to 2022 (Sec. 101):
• $2.68 trillion for 2014;
• $2.76 trillion for 2015;
• $2.89 trillion for 2016;
• $3.00 trillion for 2017;
• $3.12 trillion for 2018;
• $3.29 trillion for 2019;
• $3.46 trillion for 2020;
• $3.57 trillion for 2021; and
• $3.78 trillion for 2022.

• Limits the budget deficit as follows for fiscal years 2013 to 2022 (Sec. 101):
• $0.83 trillion in 2013;
• $0.52 trillion in 2014;
• $0.32 trillion in 2015;
• $0.26 trillion in 2016;
• $0.21 trillion in 2017;
• $0.19 trillion in 2018;
• $0.23 trillion in 2019;
• $0.22 trillion in 2020;
• $0.20 trillion in 2021; and
• $0.25 trillion in 2022.

• Limits public debt to the following amounts for fiscal years 2013 to 2022 (Sec. 101):
• $12.4 trillion for 2013;
• $12.9 trillion for 2014;
• $13.3 trillion for 2015;
• $13.6 trillion for 2016;
• $13.9 trillion for 2017;
• $14.1 trillion for 2018;
• $14.4 trillion for 2019;
• $14.7 trillion for 2020;
• $15 trillion for 2021; and
• $15.4 trillion for 2022.

• Requires each House committee to submit a recommendation to the Committee on the Budget of the House of Representatives regarding changes in laws that will reduce the deficit between 2012 and 2022 (Sec. 201).

• Authorizes the chair of the Committee on the Budget to adjust the appropriations in this resolution to accommodate certain policy changes including, but not limited to, the following (Sec. 503):
• Adjustments to the Alternative Minimum Tax exemption in order to reduce the number of taxpayers that are subject to the Alternative Minimum tax;
• Extension of the estate, gift, and generation-skipping transfer taxes;
• A 20 percent deduction against the income taxes of small businesses;
• Repeal or amendment of the Patient Protection and Affordable Care Act; and
• A reduction in tax rates.

• Prohibits any bills or joint resolutions, other than those reported by the Committee on Appropriations, from increasing federal spending by more than $5 billion for any of the first 4 consecutive 10 fiscal-year periods beginning in 2023 (Sec. 504).

• Establishes a reserve fund for the repeal of the Patient Protection and Affordable Care Act (Sec. 401).

• Limits federal revenues to 19 percent of Gross Domestic Product for fiscal years 2030, 2040 and 2050 (Sec. 301).

• Reduces future budgets as follows (Sec. 301):
• 20.25 percent of Gross Domestic Product in 2030;
• 18.75 percent of Gross Domestic Product in 2040; and
• 16 percent of Gross Domestic Product in 2050.

• Requires the federal government to reduce public debt as follows (Sec. 301):
  
  • To 53 percent of Gross Domestic Product in 2030;
  • To 38 percent of Gross Domestic Product in 2040; and
  • To 10 percent of Gross Domestic Product in 2050.

Full Bill Text

Full Bill Text