In the nature of a substitute.

SA 107. Mr. PAUL proposed an amendment to the bill H.R. 3746, to
provide for a responsible increase to the debt ceiling; as follows:

Strike all after the enacting clause and insert the
following:

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Five Penny Plan of 2023''.

SEC. 2. STATUTORY ENFORCEMENT OF OUTLAY LIMITS THROUGH
SEQUESTRATION.

(a) In General.--Part C of the Balanced Budget and
Emergency Deficit Control Act of 1985 (2 U.S.C. 900 et seq.)
is amended by adding at the end the following:

``SEC. 258D. ENFORCING OUTLAY LIMITS.

``(a) Enforcing Outlay Limits.--In this section, the term
`outlay limit' means an amount equal to--
``(1) for fiscal year 2024, $4,839,204,000,000 in outlays;
``(2) for fiscal year 2025, $4,597,244,000,000 in outlays;
``(3) for fiscal year 2026, $4,367,382,000,000 in outlays;
``(4) for fiscal year 2027, $4,149,013,000,000 in outlays;
and
``(5) for fiscal year 2028, $3,941,562,000,000 in outlays.
``(b) Total Federal Outlays.--In this section, total
Federal outlays shall include all on-budget outlays.
``(c) Sequestration.--
``(1) OMB report.--Not later than 15 days after the end of
session for each of fiscal years 2024 through 2028, OMB shall
prepare a report specifying whether outlays for the preceding
fiscal year exceeded the outlay limit for that fiscal year.
``(2) Sequestration.--If a report under paragraph (1) shows
that outlays for a fiscal year exceeded the outlay limits for
that fiscal year, the President shall issue a sequestration
order reducing direct spending and discretionary
appropriations for the fiscal year after the fiscal year for
which outlays exceeded the limit by the uniform percentage
necessary to reduce outlays during that fiscal year by the
amount of the excess outlays.
``(3) Procedures.--In implementing the sequestration under
paragraph (2), OMB shall follow the procedures specified in
section 6 of the Statutory Pay-As-You-Go Act of 2010 (2
U.S.C. 935) and the special rules specified in section 256 of
this Act.
``(d) Consideration in House and Senate.--
``It shall not be in order in the House of Representatives
or the Senate to consider any bill, joint resolution,
amendment, or conference report that would cause the most
recently reported current outlay limits set forth in
subsection (a) to be exceeded.''.
(b) Table of Contents.--The table of contents in section
250(a) of the Balanced Budget and Emergency Deficit Control
Act of 1985 (2 U.S.C. 900(a)) is amended by adding at the end
the following:

``Sec. 258D. Enforcing outlay limits.''.

SEC. 3. LIMIT ON TOTAL SPENDING.

Section 250(c) of the Balanced Budget and Emergency Deficit
Control Act of 1985 (2 U.S.C. 900(c)) is amended--
(1) by striking paragraph (4); and
(2) by redesignating paragraphs (5) through (21) as
paragraphs (4) through (20), respectively.

SEC. 4. PUBLIC DEBT LIMIT.

Section 3101(b) of title 31, United States Code, is amended
by striking ``$14,294,000,000,000'' and inserting
``$14,794,000,000,000''.
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