Debt Control Through Budget Reconciliation Act of 2021
Latest action · Feb 25, 2021 Referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 25, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Debt Control Through Budget Reconciliation Act of 2021
This bill establishes long-term debt limits and a new reconciliation process to enforce the limits.
Specifically, the bill prohibits the estimated amount of debt held by the public from exceeding a specified percentage of the estimated nominal gross domestic product (GDP) for a fiscal year. The bill limits the debt to 101% of GDP for FY2022 and decreases the limit annually until it reaches 50% of GDP for FY2050.
The bill also establishes a new reconciliation process to enforce the limits. Under this process, the congressional budget resolution could direct congressional committees to report legislation to achieve the long-term debt limits. Congress would then be required to consider the legislation using expedited legislative procedures, which limit debate and amendments.
Cosponsors 3
Members who signed on, in the order they did. All signed on Feb 25, 2021.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-UT | Burgess Owens | Original | Feb 25, 2021 |
| R-UT | John R. Curtis | Original | Feb 25, 2021 |
| R-IA | Randy Feenstra | Original | Feb 25, 2021 |
Actions 2
Everything that happened, newest first.
- Feb 25, 2021Introduced in House
- Feb 25, 2021Referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
Text 1
Each version as it was printed, newest first.
- Feb 25, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.