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S 716 115th Congress Senate Economics and Public Finance Budget deficits and national debt Budget process Executive agency funding and structure Legislative rules and procedure Presidents and presidential powers, Vice Presidents

Dollar-for-Dollar Deficit Reduction Act

Introduced: March 23, 2017 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2017
Read twice and referred to the Committee on the Budget.
Mar 23, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now March 23, 2017

Read twice and referred to the Committee on the Budget.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3