Maximizing America’s Prosperity Act of 2023

The Maximizing America's Prosperity Act of 2023 establishes new annual spending limits for the federal government, capping total spending at specific percentages of potential GDP from 2024 through 2033. These limits gradually decrease from 20.7% of potential GDP in 2024 to 17.5% for 2033 and beyond. The bill requires the President's budget to comply with these limits and mandates annual reports from the Office of Management and Budget and Congressional Budget Office on spending projections. It also creates a point of order to prevent Congress from approving budget resolutions that exceed these spending limits, directly affecting all federal agencies and programs that receive budgetary resources.