H.R. 6474: Implementation of Simpson-Bowles Spending Reductions Act of 2012

112th Congress · introduced 2012-09-20 · Economics and Public Finance · Latest: Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, House Administration, Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

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Where it came from: introduced 2012-09-20 · official record
Who proposed it: Rep. Ross, Dennis A. [R-FL-12] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, House Administration, Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Implementation of Simpson-Bowles Spending Reductions Act of 2012

Plain summary

Implementation of Simpson-Bowles Spending Reductions Act of 2012 - Prohibits the total amount of appropriations to the White House for the Executive Office of the President, to the President, and to Congress for FY2012-FY2016 from exceeding 85% of the total amount of such appropriations for FY2011. Eliminates cost-of-living adjustments (COLA) for Members of Congress during FY2013-FY2015. Amends the Continuing Appropriations Act, 2011 to extend through December 31, 2015, the freeze on any COLA to the pay of certain federal civilian employees (thus extending such freeze from two to five calendar years). Requires the Office of Management and Budget (OMB) to: (1) take appropriate measures to ensure that the total number of federal employees, beginning in FY2015, does not exceed 90% of the total number of federal employees on September 30, 2011; (2) continuously monitor all agencies, make a determination on whether the total number of federal employees in any quarter of a fiscal year exceeds the maximum number allowed by this Act, and notify the President and Congress if the number exceeds the maximum; and (3) ensure that there is no increase in the procurement of service contracts due to this Act unless a cost comparison demonstrates that such contracts would be financially advantageous to the federal government. Allows the President to waive the workforce limitations imposed by this Act in specified circumstances. Requires OMB to: (1) take appropriate measures through FY2014 to ensure that agencies shall appoint no more than one employee for every three employees retiring or otherwise separating from government service; (2) coordinate with federal departments and independent agencies to take certain steps to limit government printing costs; and (3) dispose of a quantity of real property worth at least $100 million altogether (with specified exceptions) that is not being used, and that will not be used, to meet the needs of the federal government for FY2011-FY2015. Prohibits the total amount of funds appropriated for travel expenses for each agency for each of FY2012-FY2016 from exceeding 80% of the total amount of funds appropriated for FY2011. Reduces the amount available to the General Services Administration (GSA) for FY2012 and succeeding fiscal years for acquiring new vehicles for the federal fleet to 80% of the amount available for FY2010 for such purpose. Amends the Congressional Budget Act of 1974 to prohibit consideration in Congress of legislation that includes an earmark, limited tax benefit, or limited tariff benefit. Amends the Internal Revenue Code to: (1) impose after 2012, a 10% income tax rate on taxable income of $100,000 or less and a 20% rate on taxable income over $100,000, and a 20% rate for net capital gain exceeding $1 million; (2) reduce the income tax rate on corporations to a flat rate of 20%; (3) repeal various tax credits, deductions, and exclusions, including the alternative minimum tax (AMT) on individuals; (4) provide for 5-year phaseout of specified tax expenditures, and (5) terminate the authority for issuing certain tax-exempt bonds for financing projects relating to energy conservation, infrastructure, education, and hospital construction.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Implementation of Simpson-Bowles Spending Reductions Act of 2012

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Ross, Dennis A. [R-FL-12] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Capital gains: The profit from selling something you own, such as stock or real estate, for more than you paid. A capital gains tax is a tax on that profit.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr6474.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr6474 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112