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This bill establishes a cap on annual federal spending growth, limiting increases to the combined average rates of inflation and population growth over a three-year period, beginning in fiscal year 2025. Congress may exceed this cap only by a two-thirds vote in both chambers. If spending exceeds the limit in any fiscal year, the Office of Management and Budget must rescind funds uniformly across all non-exempt accounts to bring spending into compliance, following existing sequestration rules.
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