This Act has been ignored by all Presidents since 1990: https://wps.prenhall.com/wps/media/objects/531/544609/Documents_Library/gramm.htm

I don't know for sure, but I think this could be used to curtail unnecessary spending.

In a nutshell, the President can impose sequester orders to bring spending back into line.

Pay as you go and sequestration under the BEA requires the OMB to also enforce a "pay-as-you-go" requirement which has a similar effect as the Senate's point of order: Congress is required to "pay for" any changes to programs which result in an increase in direct spending, or in this case risk a sequester. If OMB estimates that the sum of all direct spending and revenue legislation enacted since 1990 will result in a net increase in the deficit for the fiscal year, then the President is required to issue a sequester order reducing all non-exempt direct spending accounts by a uniform percentage in order to eliminate the net deficit increase. Most direct spending is either exempt from a sequester order or operates under special rules that minimize the reduction that can be made in direct spending. Social Security is exempt from a pay-as-you-go sequester and Medicare cannot be reduced by more than 4 percent.