Federal Spending Control Act

[AI summary unavailable — showing source text] Federal Spending Control Act - Title I: Joint Committee on Federal Spending; Annual Expenditure Ceilings - Establishes a joint committee of the Congress which shall be known as the Joint Committee on Federal Spending. Sets forth the membership and powers of the joint committee. States that upon the submission of the Budget by the President for each fiscal year (beginning with the fiscal year ending June 30, 1975), the joint committee shall promptly review the Budget (including estimates of revenue receipts) and receive testimony from the executive branch and other interested parties concerning the impact of the submitted Budget, if adopted, on the state of the economy of the United States and existing economic problems. Provides that the joint committee shall report the results of such review and shall recommend a limit on the total amount of outlays to be made during such fiscal year. Provides that not later than March 1 of each year (commencing in 1974), the members of the joint committee who are Members of the Senate shall report to the Senate, and the members of the joint committee who are Members of the House of Representatives shall report to the House, by concurrent resoluti…