Today on Capitol Hill, Senators Claire McCaskill and Bob Corker introduced legislation, the Commitment to American Prosperity (CAP) Act, meant to cap federal spending. The bill would require spending as a percentage of GDP to decrease over the next decade to the 40-year average of 20.6 percent.

If Congress were to fail to meet its annual cap, the legislation would authorize the Office of Management and Budget (OMB) to make even cuts across the board. It would also eliminate Social Security’s “off-budget” distinction.

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