1. Short title This Act may be cited as the Nickel Plan Act . 2. 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 2024 For fiscal year 2024, total outlays (less net interest payments) shall be not more than $5,952,871,000,000, less 5 percent. (2) Fiscal year 2025 For fiscal year 2025, total outlays (less net interest payments) shall be not more than the amount computed under paragraph (1), less 5 percent. (3) Fiscal year 2026 For fiscal year 2026, total outlays (less net interest payments) shall be not more than the amount computed under paragraph (2), less 5 percent. (4) Fiscal year 2027 For fiscal year 2027, total outlays (less net interest payments) shall be not more than the amount computed under paragraph (3), less 5 percent. (5) Fiscal year 2028 and subsequent fiscal years (A) In general For fiscal year 2028 and each fiscal year thereafter, total outlays (including net interest payments) shall be not more than 17.5 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 2029, 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 2024 through 2027 For each of fiscal years 2024 through 2027 and for purposes of this subsection, the term excess outlay amount means the amount by which total projected Federal outlays (less net