diff --git a/src/onenote/fsshttpb/data-elements.test.ts b/src/onenote/fsshttpb/data-elements.test.ts
new file mode 100644
index 0000000..f459249
--- /dev/null
+++ b/src/onenote/fsshttpb/data-elements.test.ts
@@ -0,0 +1,72 @@
+import { describe, expect, it } from 'vitest';
+
+import { BinaryReader } from '../binary/BinaryReader.js';
+import { resolveParserLimits } from '../parser/limits.js';
+import { parseFssHttpDataElementPackage } from './data-elements.js';
+import { FSSHTTP_OBJECT } from './types.js';
+
+function start(type: number, compound: boolean, body: number[]): number[] {
+  const raw = (body.length << 9) | (type << 3) | (compound ? 0x04 : 0x00);
+  return [raw & 0xff, raw >>> 8, ...body];
+}
+
+function end(type: number): number[] {
+  return [(type << 2) | 0x01];
+}
+
+function objectGroupDataEntry(): number[] {
+  return start(FSSHTTP_OBJECT.objectGroupDataExcluded, false, [
+    0x03, // One object reference.
+    0x00, // Nil ExGUID.
+    0x03, // One cell reference.
+    0x00, // Nil context ExGUID.
+    0x00, // Nil object-space ExGUID.
+    0x00, // Excluded object data size.
+  ]);
+}
+
+function packageWithReferenceArrays(entryCount: number): Uint8Array {
+  const dataEntries = Array.from({ length: entryCount }, () =>
+    objectGroupDataEntry()
+  ).flat();
+  return Uint8Array.from([
+    ...start(FSSHTTP_OBJECT.dataElementPackage, true, [0x00]),
+    ...start(FSSHTTP_OBJECT.dataElement, true, [
+      0x00, // Nil data-element ExGUID.
+      0x00, // Nil serial number.
+      0x0b, // Object Group data-element type (5).
+    ]),
+    ...start(FSSHTTP_OBJECT.objectGroupDeclaration, true, []),
+    ...end(FSSHTTP_OBJECT.objectGroupDeclaration),
+    ...start(FSSHTTP_OBJECT.objectGroupData, true, []),
+    ...dataEntries,
+    ...end(FSSHTTP_OBJECT.objectGroupData),
+    ...end(FSSHTTP_OBJECT.dataElement),
+    ...end(FSSHTTP_OBJECT.dataElementPackage),
+  ]);
+}
+
+describe('FSSHTTPB data elements', () => {
+  it('enforces one aggregate budget across many reference arrays', () => {
+    const bytes = packageWithReferenceArrays(16);
+
+    expect(() =>
+      parseFssHttpDataElementPackage(
+        // Every array contains one reference, but the package contains 32.
+        new BinaryReader(bytes),
+        resolveParserLimits({ maxObjectReferences: 31 })
+      )
+    ).toThrowError(
+      expect.objectContaining({
+        code: 'LIMIT_EXCEEDED',
+        structure: 'FSSHTTPB object and cell references',
+      })
+    );
+
+    const parsed = parseFssHttpDataElementPackage(
+      new BinaryReader(bytes),
+      resolveParserLimits({ maxObjectReferences: 32 })
+    );
+    expect(parsed.objectGroups.values().next().value?.data).toHaveLength(16);
+  });
+});
diff --git a/src/onenote/fsshttpb/data-elements.ts b/src/onenote/fsshttpb/data-elements.ts
index edcf40f..3cd053a 100644
--- a/src/onenote/fsshttpb/data-elements.ts
+++ b/src/onenote/fsshttpb/data-elements.ts
@@ -27,6 +27,7 @@ import {
   readFssHttpSerialNumber,
   readFssHttpStreamHeader,
   takeFssHttpHeaderBody,
+  type FssHttpReferenceBudget,
 } from './primitives.js';
 import {
   FSSHTTP_OBJECT,
@@ -48,6 +49,7 @@ interface DataElementContext {
   objectCount: number;
   blobCount: number;
   totalBlobBytes: number;
+  referenceBudget: FssHttpReferenceBudget;
 }
 
 export function parseFssHttpDataElementPackage(
@@ -89,6 +91,7 @@ export function parseFssHttpDataElementPackage(
     objectCount: 0,
     blobCount: 0,
     totalBlobBytes: 0,
+    referenceBudget: { limit: limits.maxObjectReferences, used: 0 },
   };
 
   while (!hasFssHttpEnd(reader, FSSHTTP_OBJECT.dataElementPackage)) {
@@ -533,8 +536,16 @@ function parseObjectGroupData(
   const header = readFssHttpStreamHeader(reader);
   if (header.compound) unexpectedCompound(header, 'Object Group data entry');
   const body = takeFssHttpHeaderBody(reader, header, 'Object Group data entry');
-  const objectReferences = readFssHttpExGuidArray(body, context.limits);
-  const cellReferences = readFssHttpCellIdArray(body, context.limits);
+  const objectReferences = readFssHttpExGuidArray(
+    body,
+    context.limits,
+    context.referenceBudget
+  );
+  const cellReferences = readFssHttpCellIdArray(
+    body,
+    context.limits,
+    context.referenceBudget
+  );
   let result: FssHttpObjectGroupData;
   if (header.type === FSSHTTP_OBJECT.objectGroupDataExcluded) {
     result = {
diff --git a/src/onenote/fsshttpb/primitives.ts b/src/onenote/fsshttpb/primitives.ts
index d8b0ac2..c262204 100644
--- a/src/onenote/fsshttpb/primitives.ts
+++ b/src/onenote/fsshttpb/primitives.ts
@@ -19,6 +19,11 @@ import type {
   FssHttpStreamHeader,
 } from './types.js';
 
+export interface FssHttpReferenceBudget {
+  readonly limit: number;
+  used: number;
+}
+
 export function readCompactU64(reader: BinaryReader): bigint {
   const offset = reader.offset;
   const first = reader.u8();
@@ -92,13 +97,16 @@ export function readFssHttpExGuid(reader: BinaryReader): ExGuid {
 
 export function readFssHttpExGuidArray(
   reader: BinaryReader,
-  limits: OneNoteParserLimits
+  limits: OneNoteParserLimits,
+  budget: FssHttpReferenceBudget
 ): ExGuid[] {
+  const countOffset = reader.offset;
   const count = readCompactNumber(
     reader,
     limits.maxObjectReferences,
     'Extended GUID array count'
   );
+  reserveReferenceBudget(budget, count, countOffset);
   const result: ExGuid[] = [];
   for (let index = 0; index < count; index += 1) {
     result.push(readFssHttpExGuid(reader));
@@ -115,13 +123,16 @@ export function readFssHttpCellId(reader: BinaryReader): FssHttpCellId {
 
 export function readFssHttpCellIdArray(
   reader: BinaryReader,
-  limits: OneNoteParserLimits
+  limits: OneNoteParserLimits,
+  budget: FssHttpReferenceBudget
 ): FssHttpCellId[] {
+  const countOffset = reader.offset;
   const count = readCompactNumber(
     reader,
     limits.maxObjectReferences,
     'Cell ID array count'
   );
+  reserveReferenceBudget(budget, count, countOffset);
   const result: FssHttpCellId[] = [];
   for (let index = 0; index < count; index += 1) {
     result.push(readFssHttpCellId(reader));
@@ -129,6 +140,21 @@ export function readFssHttpCellIdArray(
   return result;
 }
 
+function reserveReferenceBudget(
+  budget: FssHttpReferenceBudget,
+  count: number,
+  offset: number
+): void {
+  if (count > budget.limit - budget.used) {
+    throw new OneNoteParserError(
+      'LIMIT_EXCEEDED',
+      `FSSHTTPB object and cell reference count exceeds ${budget.limit}`,
+      { offset, structure: 'FSSHTTPB object and cell references' }
+    );
+  }
+  budget.used += count;
+}
+
 export function readFssHttpSerialNumber(
   reader: BinaryReader
 ): FssHttpSerialNumber {