Bipartisan Debt Limit Package -- Outlay Reduction Substitute HR 3746

Paul, R-Ky., amendment no. 91 that would replace the text of the bill with provisions that would instead increase the statutory limit on federal debt by $500 billion; establish limits on federal budget outlays for fiscal years 2024 through 2028, beginning at $4.8 trillion for fiscal 2024 and decreasing annually by five percent to reach $3.9 trillion for fiscal 2028; require the Office of Management and Budget to report annually at the end of each fiscal year on whether outlays that year exceeded the outlay limits; and, if spending exceeds the limits, require the president to issue a sequestration order to reduce direct spending and discretionary appropriations for the next fiscal year by an amount equal to the excess spending. It would also strike definitions in existing budget law defining security, nonsecurity and discretionary appropriations categories.