Dollar-for-Dollar Deficit Reduction Act
Latest action · Mar 8, 2023 Read twice and referred to the Committee on the Budget.
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.
- IntroducedMar 8, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Dollar-for-Dollar Deficit Reduction Act
The bill establishes a framework to require legislation that increases or suspends the public debt limit to include spending reductions that are equal to or greater than the projected increase in debt that will occur under the legislation. The bill allows the spending reductions to be phased in over the period that includes the current and next 10 fiscal years.
Specifically, the bill requires the Department of the Treasury to notify the House Ways and Means Committee and the Senate Finance Committee when it determines that the federal government will reach the debt limit within 60 days without the implementation of extraordinary measures. The notification must also indicate when extraordinary measures may be necessary to prolong the funding of the federal government in the absence of a debt limit increase.
In addition, the bill requires any formal presidential request to increase the debt limit to include (1) the amount of the proposed increase, and (2) proposed legislation to reduce spending by an amount that is equal to or greater than the amount of the requested increase.
Finally, the bill establishes budget points of order that may be raised in the House of Representative and the Senate against legislation that increases or suspends the debt limit and does not contain net spending reductions that are equal to or greater than the increase in the debt that will occur under the legislation.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jul 11, 2023.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WY | Cynthia M. Lummis | Jul 11, 2023 |
Actions 2
Everything that happened, newest first.
- Mar 8, 2023Introduced in Senate
- Mar 8, 2023Read twice and referred to the Committee on the Budget.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1289 | Dollar-for-Dollar Deficit Reduction Act | Identical bill | Mar 1, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
Text 1
Each version as it was printed, newest first.
- Mar 8, 2023Introduced in Senate
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.