Dollar-for-Dollar Deficit Reduction Act

Summary

Dollar-for-Dollar Deficit Reduction Act This bill requires the Department of the Treasury to issue a debt limit warning to Congress if Treasury determines that the United States will reach the statutory debt limit within 60 days. The warning must include a determination of when extraordinary measures may be necessary to prolong the funding of the United States government in the absence of a debt limit increase. Any formal Presidential request to increase the debt limit must include: (1) the amount of the proposed increase, and (2) proposed legislation to reduce spending over the sum of the current and following 10 years by at least the amount of the requested increase. The bill amends the Congressional Budget Act of 1974 to create a point of order in the House and Senate against legislation increasing the debt limit, unless the legislation reduces spending over the sum of the current and following 10 years by at least the amount of the increase.

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Timeline

1. 2 February 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 2 February 2015

   Introduced

   Read twice and referred to the Committee on the Budget.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 February 2015 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 February 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 February 2015

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 February 2015

  Open at official source

Sponsors

• Sen. Portman, Rob [R-OH] · R · Sponsor
• Sen. Ayotte, Kelly [R-NH] · R · Sponsor
• John Barrasso · R · Sponsor
• John Boozman · R · Sponsor
• Shelley Capito · R · Sponsor
• Mike Crapo · R · Sponsor
• Chuck Grassley · R · Sponsor
• Sen. Isakson, Johnny [R-GA] · R · Sponsor
• Ron Johnson · R · Sponsor
• Mike Lee · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor
• Sen. Vitter, David [R-LA] · R · Sponsor
• · ssbu00 · Standing

Related records

• related to → Dollar-for-Dollar Deficit Reduction Act