1. Short title This title may be cited as the Maximizing America’s Prosperity Act of 2023 . 2. Total spending limits (a) Total Spending Limits Section 251 of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 901 ) is amended to read as follows: 251. Total spending limits (a) Projections (1) OMB report OMB shall prepare a report comparing projected total spending under section 257 and the total spending limits in subsection (c), and include such report in the budget as submitted by the President annually under section 1105(a) of title 31, United States Code. (2) CBO report CBO shall prepare a report comparing projected total spending under section 257 and the total spending limits in subsection (c), and include such report in the CBO annual baseline and reestimate of the President’s budget. (3) Inclusion in spending reduction orders Reports prepared pursuant to this subsection shall be included in a spending reduction order issued under subsection (b). (b) Spending Reduction Order (1) In general Within 15 calendar days after Congress adjourns to end a session, if in its final sequestration report OMB estimates that any sequestration is required, there shall be a spending reduction order under section 254(f)(4). (2) Calculation of spending reduction Subject to paragraph (3), each non-exempt budget account shall be reduced by a dollar amount calculated by multiplying the enacted level of sequestrable budgetary resources in that account at that time by the uniform percentage necessary to achieve the required automatic spending reduction. (3) Limitation on reduction No budget account shall be subject to a spending reduction of more than 5 percent of the budgetary resources of the budget account. (c) Fiscal Years of the Total Spending Period The total spending limit for each fiscal year shall be as follows: (1) Fiscal year 2024: 20.7 percent of potential GDP. (2) Fiscal year 2025: 20.3 percent of potential GDP. (3) Fiscal year 2026: 19.8 percent of potential GDP. (4) Fiscal year 2027: 19.4