S 2002
Dollar-for-Dollar Deficit Reduction Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Dollar-for-Dollar Deficit Reduction Act aims to prevent future debt crises by requiring that any increase or suspension of the debt limit be offset by equivalent spending cuts. The bill mandates that when the President requests a debt limit increase, the request must include legislation to reduce spending by an amount equal to the proposed increase over the next 10 years. Furthermore, Congress will be required to include spending reductions of equal or greater value when considering any debt limit increase or suspension, with specific rules governing how these savings are calculated and ensuring transparency.
Sponsors
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Primary sponsor
Rob Portman
Cosponsors
Johnny Isakson
Patrick Toomey
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