Debt Control Through Budget Reconciliation Act of 2021
Debt Control Through Budget Reconciliation Act of 2021
This bill establishes long-term debt limits and a new reconciliation process to enforce the limits.
Specifically, the bill prohibits the estimated amount of debt held by the public from exceeding a specified percentage of the estimated nominal gross domestic product (GDP) for a fiscal year. The bill limits the debt to 101% of GDP for FY2022 and decreases the limit annually until it reaches 50% of GDP for FY2050.
The bill also establishes a new reconciliation process to enforce the limits. Under this process, the congressional budget resolution could direct congressional committees to report legislation to achieve the long-term debt limits. Congress would then be required to consider the legislation using expedited legislative procedures, which limit debate and amendments.
Referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.