1. Short title This Act may be cited as the One Percent Spending Reduction Act of 2018 . 2. Congressional findings and purpose (a) Findings Congress finds the following: (1) The fiscal crisis faced by the Federal Government demands immediate action. (2) The dramatic growth in spending and debt in recent years threatens the economic and national security of the United States: (A) Federal spending has grown from 18 percent of gross domestic product in 2001 to nearly 21 percent of gross domestic product in 2017. (B) Total Federal debt exceeds $21,300,000,000,000 and is projected to increase each year over the next 10 years. (C) Without action, the Federal Government will continue to run massive deficits in the next decade and total Federal debt will rise to $33,800,000,000,000 by 2028. (D) Interest payments on this debt will soon rise to the point where balancing the budget as a matter of policy is beyond the reach of Congress. (3) Absent reform, the growth of Social Security, Medicare, Medicaid, and other health-related spending will overwhelm all other Federal programs and consume all projected tax revenues. (b) Purpose The purpose of this Act is to address the fiscal crisis by— (1) acting quickly to balance the Federal budget and eliminate the parade of deficits and ballooning interest payments; (2) achieving balance by reducing spending 1 percent per year until spending equals projected long-term revenues