Dollar-for-Dollar Deficit Reduction Act

3.0.0 714 2025-12-05T08:52:00Z 2025-12-05T08:52:00Z Senate S S 2023-03-08 118 https://www.congress.gov/bill/118th-congress/senate-bill/714 ssbu00 Budget Committee Senate Standing Referred To 2023-03-08T20:09:11Z Dollar-for-Dollar Deficit Reduction Act 118 1289 HR 2023-03-01 Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and 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. Identical bill CRS 2023-03-08 ssbu00 Budget Committee Senate Read twice and referred to the Committee on the Budget. IntroReferral 2023-03-08 Introduced in Senate IntroReferral 10000 9 Library of Congress B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY N L000571 Sen. Lummis, Cynthia M. [R-WY] Cynthia Lummis R WY M. 2023-07-11 False Economics and Public Finance Economics and Public Finance 2023-06-05T17:00:29Z

00 2023-03-08 Introduced in Senate 2024-01-03T19:09:31Z 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.

Dollar-for-Dollar Deficit Reduction Act Display Title 45 Dollar-for-Dollar Deficit Reduction Act 2024-07-24T15:23:30Z Short Title(s) as Introduced 101 Dollar-for-Dollar Deficit Reduction Act 2024-05-24T13:41:56Z Introduced in Senate IS Official Title as Introduced 6 A bill to require that any debt limit increase or suspension be balanced by equal spending cuts over the next decade. 2023-03-21T02:13:42Z Introduced in Senate IS Introduced in Senate 2023-03-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s714is/xml/BILLS-118s714is.xml 2023-03-08 Read twice and referred to the Committee on the Budget. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.