Responsible Budget Targets Act of 2023

The Responsible Budget Targets Act of 2023 establishes annual spending limits for federal budgets based on economic growth and historical spending patterns. It sets a "spending ceiling" that automatically adjusts each year by adding a spending growth factor (calculated using GDP growth and past budget balances) to the previous year's primary budget authority (all spending except debt interest). This ceiling applies to both Congress when drafting legislation and the executive branch when preparing budgets, requiring adherence to the determined limit. The bill creates mechanisms to adjust the ceiling for emergencies or economic shifts, while maintaining a requirement that spending cannot exceed the ceiling without specific Congressional action.