Amends the Congressional Budget Act of 1974 to establish maximum spending amounts for FY 1996 through 2002.

Official title: To amend the Congressional Budget Act of 1974 and the Balanced Budget and Emergency Deficit Control Act of 1985 to limit the rate of growth of Federal outlays to 2 percent per year.

Amends the Congressional Budget Act of 1974 to establish maximum spending amounts for FY 1996 through 2002. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to revise sequestration procedures for enforcement. Requires look-back sequestration in the last quarter of each fiscal year. Revises preview sequestration reports to include total spending (instead of deficit spending). Makes it out of order in the House of Representatives or the Senate to consider legislation that would result in total spending exceeding maximum permissible total spending, unless waived or suspended by a three-fifths vote of Members of each House.