[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4021 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4021

 To suspend the application of the limit on the Nation's debt for a 10-
 year period, to reduce the pay of Members of Congress for failing to 
      meet fiscal sustainability targets, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 2014

   Mr. Barr introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committees on House 
Administration and Oversight and Government Reform, 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

_______________________________________________________________________

                                 A BILL


 
 To suspend the application of the limit on the Nation's debt for a 10-
 year period, to reduce the pay of Members of Congress for failing to 
      meet fiscal sustainability targets, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Debt Limit Reform and Congressional 
Pay for Performance Act of 2014''.

SEC. 2. SUSPENSION OF DEBT LIMIT.

    (a) Suspension.--Section 3101(b) of title 31, United States Code, 
shall not apply for the period beginning on February 8, 2014, and 
ending on April 15, 2024.
    (b) Special Rule Relating to Obligations Issued During Suspension 
Period.--Effective on April 16, 2024, the limitation in section 3101(b) 
of title 31, United States Code, is increased to the extent that--
            (1) the face amount of obligations issued under chapter 31 
        of such title and the face amount of obligations whose 
        principal and interest are guaranteed by the United States 
        Government (except guaranteed obligations held by the Secretary 
        of the Treasury) outstanding on April 16, 2024, exceeds
            (2) the face amount of such obligations outstanding on the 
        date of enactment of this Act.
    (c) Limitation.--An obligation shall not be taken into account 
under subsection (b)(1) unless the issuance of such obligation was 
necessary to fund a commitment incurred by the Federal Government that 
required payment before April 16, 2024.

SEC. 3. DETERMINATION OF FISCAL SUSTAINABILITY TARGETS.

    (a) Determinations.--On December 31 of each of calendar years 2015 
through 2023, the Director of the Office of Management and Budget shall 
determine--
            (1) the sum of the face amount of obligations issued under 
        chapter 31 of title 31, United States Code, and the face amount 
        of obligations whose principal and interest are guaranteed by 
        the United States Government (except guaranteed obligations 
        held by the Secretary of the Treasury), outstanding at any 
        time, with respect to the most recent fiscal year which ended 
        before the calendar year;
            (2) the amount which is equal to the applicable percentage 
        (as described in subsection (b)) of the Gross Domestic Product 
        determined by the Secretary of Commerce with respect to such 
        fiscal year; and
            (3) if the amount determined under paragraph (1) with 
        respect to a fiscal year exceeds the amount determined under 
        paragraph (2) with respect to such fiscal year, the percentage 
        by which the amount determined under paragraph (1) exceeds the 
        amount determined under paragraph (2).
    (b) Applicable Percentages Described.--For purposes of subsection 
(a)(2), the applicable percentage with respect to a fiscal year is as 
follows:
            (1) For fiscal year 2015, 74.1 percent.
            (2) For fiscal year 2016, 70.4 percent.
            (3) For fiscal year 2017, 66.9 percent.
            (4) For fiscal year 2018, 64.4 percent.
            (5) For fiscal year 2019, 62.4 percent.
            (6) For fiscal year 2020, 60.5 percent.
            (7) For fiscal year 2021, 58.7 percent.
            (8) For fiscal year 2022, 56.9 percent.
            (9) For fiscal year 2023, 54.8 percent.

SEC. 4. REDUCTION IN PAY OF MEMBERS OF CONGRESS FOR FAILURE TO MEET 
              FISCAL SUSTAINABILITY TARGETS.

    (a) Reduction.--Section 601(a)(2) of the Legislative Reorganization 
Act of 1946 (2 U.S.C. 4501(2)) is amended by adding at the end the 
following:
    ``(C) If the Director of the Office of Management and Budget 
determines that the amount determined under paragraph (1) of section 
3(a) of the Debt Limit Reform and Congressional Pay for Performance Act 
of 2014 with respect to a fiscal year exceeds the amount determined 
under paragraph (2) of section 3(a) of such Act with respect to such 
fiscal year--
            ``(i) each annual rate of pay referred to in paragraph (1) 
        shall be reduced by the percentage determined by the Director 
        of the Office of Management and Budget under section 3(a)(3) of 
        the Debt Limit Reform and Congressional Pay for Performance Act 
        of 2014 for all pay periods occurring during the next calendar 
        year which begins after that fiscal year; and
            ``(ii) no adjustment may be made under subparagraph (A) in 
        any such rate of pay during that next calendar year.''.
    (b) Technical Amendment.--Section 601(a)(2)(A) of such Act is 
amended by striking ``Subject to subparagraph (B),'' and inserting 
``Subject to subparagraphs (B) and (C),''.
    (c) Effective Date.--The amendments made by this section shall 
apply with respect to fiscal year 2015 and each succeeding fiscal year.
                                 <all>