Spending Safeguard Act

The Spending Safeguard Act establishes spending caps for certain federal programs to prevent budget overruns. It sets limits equal to 120% of a program's six-year cost for defense, health, income security, and veterans programs, or 110% for other programs. Agencies must track spending via public scorecards, submit monthly reports to the Treasury, and notify Congress if spending approaches the cap. If a program breaches its cap, no new funds can be committed for 30 days, and agencies must report the breach to Congress. The bill applies to direct spending programs without fixed annual funding limits (excluding Medicare and Social Security).