Dollar-for-Dollar Deficit Reduction Act

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 Representatives 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.

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Timeline

1. 24 March 2026

   Introduced

   Read twice and referred to the Committee on the Budget. (text: CR S1582-1583)

   Source: IntroReferral

2. 24 March 2026

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate

  Introduced in Senate · EN · 24 March 2026

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 24 March 2026

  Open at official source

Sponsors

• John Barrasso · R · Sponsor
• Cynthia Lummis · R · Sponsor
• David McCormick · R · Cosponsor
• · ssbu00 · Standing

Related records

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