; and (3) reforming entitlement programs to ensure long-term fiscal stability and balance. 3. Establishment and enforcement of spending caps (a) Outlay caps The Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900 et seq.) is amended by inserting after section 253 the following: 253A. Establishing outlay caps (a) Outlay caps In this section, the term outlay cap means: (1) Fiscal year 2019 For fiscal year 2019, total outlays (less net interest payments) shall be not more than $3,826,000,000,000, less 1 percent. (2) Fiscal year 2020 For fiscal year 2020, total outlays (less net interest payments) shall be not more than the amount computed under paragraph (1), less 1 percent. (3) Fiscal year 2021 For fiscal year 2021, total outlays (less net interest payments) shall be not more than the amount computed under paragraph (2), less 1 percent. (4) Fiscal year 2022 For fiscal year 2022, total outlays (less net interest payments) shall be not more than the amount computed under paragraph (3), less 1 percent. (5) Fiscal year 2023 For fiscal year 2023, total outlays (less net interest payments) shall be not more than the amount computed under paragraph (4), less 1 percent. (6) Fiscal year 2024 and subsequent fiscal years (A) In general For fiscal year 2024 and each fiscal year thereafter, total outlays shall be not more than 18 percent of the gross domestic product for that fiscal year, as estimated by the Office of Management and Budget prior to March of the previous fiscal year. (B) Limitation Notwithstanding subparagraph (A), for any fiscal year beginning with fiscal year 2025, total projected outlays may not be less than total projected outlays for the preceding fiscal year. (b) Sequestration (1) In general (A) Excess spending Not later than 45 calendar 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