; (2) in paragraph (4), by striking subparagraph (F); and (3) by adding at the end the following: (22) (A) The term total spending means all budget authority and outlays of the Government excluding net interest. (B) The term total spending limit means the maximum permissible total spending of the Government set forth as a percentage of estimated potential GDP specified in section 251(c). (23) The term potential GDP means the gross domestic product that would occur if the economy were at full employment, not exceeding the employment level at which inflation would accelerate. . (c) Conforming amendments Part C of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900 et seq. ) is amended— (1) in section 254 ( 2 U.S.C. 904 )— (A) in subsection (a), in the table, by inserting and spending reduction after sequestration each place it appears; (B) in subsection (c)— (i) in the subsection heading, by inserting and spending reduction after Sequestration ; (ii) in paragraph (1), by striking discretionary, pay-as-you-go, and deficit sequestration and inserting pay-as-you-go and deficit sequestration and regarding spending reduction ; and (iii) by striking paragraph (2) and inserting the following: (2) Spending reduction report The preview reports shall set forth for the budget year estimates for each of the following: (A) Estimated total spending. (B) Estimate of potential GDP. (C) The spending reduction necessary to comply with the total spending limit under section 251(c). ; (C) in subsection (e)— (i) in the subsection heading, by inserting and spending reduction after Sequestration ; and (ii) by inserting and spending reduction after sequestration each place it appears; (D) in subsection (f)— (i) in the subsection heading, by inserting and spending reduction after Sequestration ; (ii) in paragraph (1), by inserting and spending reduction after sequestration ; (iii) by striking paragraph (2); (iv) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively