To reduce Federal spending in a responsible manner.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Commitment to American Prosperity Act of 2011'' or the ``CAP Act of 2011''.
SEC. 2. FINDINGS.
Congress finds the following: (1) This Act is authorized by the United States Constitution under clause 1 of section 8 of article I, relating to the power of the Congress to tax and spend. (2) Should an amendment to the United States Constitution be adopted and ratified by the States setting a lower limitation on outlays than provided in this Act, it is appropriate for Congress to consider legislation immediately modifying maximum outlay amounts in this Act. (3) Total Federal outlays have averaged 20.6 percent of gross domestic product over the past 40 years. (4) Total Federal outlays in fiscal year 2010 were 23.8 percent of gross domestic product. (5) Total Federal outlays in fiscal year 2020 are projected to be 25.9 percent of gross domestic product according to the Congressional Budget Office's Alternative Fiscal Scenario. (6) It is appropriate and necessary to put total Federal outlays under a limitation, as a percent of gross domestic product, such that a downward glide path ultimately brings spending in line with historical norms.
SEC. 3. OUTLAYS EXCEEDING THE GDP OUTLAY LIMIT.
(a) Definitions.--Section 250(c)(4) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by...