Providing for consideration of the bill (H.R. 2920) to reinstitute and update the Pay-As-You-Go requirement of budget neutrality on new tax and mandatory spending legislation, enforced by the threat of annual, automatic sequestration.

Bill 111 H.Res. 665 is a resolution that sets the rules for considering another bill, H.R. 2920. The purpose of H.R. 2920 is to bring back and modernize the Pay-As-You-Go (PAYGO) requirement, which ensures that any new tax cuts or mandatory spending increases are offset by other revenue increases or spending cuts. This is meant to keep the federal budget balanced and prevent deficits from growing.

The PAYGO requirement would be enforced by the threat of automatic sequestration, which means that if Congress fails to adhere to the PAYGO rules, across-the-board spending cuts would be triggered. This is meant to incentivize lawmakers to be fiscally responsible and consider the long-term impact of their budget decisions.

Overall, the goal of these bills is to promote fiscal responsibility and prevent the accumulation of more debt. The resolution sets the rules for how H.R. 2920 will be debated and voted on in the House of Representatives.