Dollar-for-Dollar Deficit Reduction Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Dollar-for-Dollar Deficit Reduction Act aims to ensure that any increase or suspension of the U.S. debt limit is accompanied by equivalent spending reductions over the next decade. It requires the Treasury Secretary to issue warnings about potential debt limit breaches, mandates that presidential debt limit requests include proposed spending cuts, and establishes point of order procedures in both the House and Senate to prevent consideration of debt limit measures without corresponding spending reductions. The act also modifies existing budget control laws to strengthen these requirements.
Key provisions
- Requires spending reductions equal to or greater than any debt limit increase.
- Mandates Treasury Secretary to issue debt limit warnings when a near breach is anticipated.
- Requires presidential debt limit requests to include proposed spending cuts.
- Establishes point of order procedures in the House and Senate to block debt limit measures lacking sufficient spending reductions.
- Modifies the Congressional Budget Impoundment Control Act to include a debt limit point of order.
- Requires cost estimates for debt limit measures to be publicly available for 24 hours.
- Prohibits shifting outlays or revenues outside the 10-year window when calculating spending reductions.
- Requires a three-fifths Senate vote to waive or suspend the debt limit point of order.
Who is affected
- Congress
- The Executive Branch (specifically the Treasury Secretary and the President)
Bill text
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