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 U.S. 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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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 March 2017

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 March 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 23 March 2017

  Open at official source

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