days after the beginning of a fiscal year, the Office of Management and Budget shall prepare and the President shall order a sequestration to eliminate any excess outlay amount. (B) Definitions (i) Fiscal years 2019 through 2023 For each of fiscal years 2019 through 2023 and for purposes of this subsection, the term excess outlay amount means the amount by which total projected Federal outlays (less net interest payments) for a fiscal year exceeds the outlay cap for that fiscal year. (ii) Fiscal year 2024 and subsequent fiscal years For fiscal year 2024 and each fiscal year thereafter and for purposes of this subsection, the term excess outlay amount means the amount by which total projected Federal outlays for a fiscal year exceeds the outlay cap for that fiscal year. (2) Sequestration (A) CBO preview report On August 15 of each year, the Congressional Budget Office shall issue a sequestration preview report as described in section 254(c)(4). (B) OMB preview report On August 20 of each year, the Office of Management and Budget shall issue a sequestration preview report as described in section 254(c)(4). (C) Final report On October 31 of each year, the Office of Management and Budget shall issue a final sequestration report as described in section 254(f)(3), which shall be accompanied by a Presidential order detailing uniform spending reductions equal to the excess outlay amount. (D) Process The reductions shall generally follow the process set forth in sections 253 and 254, except as provided in this section. (3) Congressional action If the August 20 report by the Office of Management and Budget projects a sequestration, the Committee on the Budget of the Senate and the Committee on the Budget of the House of Representatives may report a resolution directing committees of their House to change the existing law to achieve the spending reductions outlined in the August 20 report necessary to meet the outlay limits. (c) No exempt programs Section 255 and section 256 shall not apply to this section or any