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Federal Debt Emergency Control Act of 2021

Introduced: June 9, 2021 Introduced by: Scott, Rick Republican · Florida See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 9, 2021

Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S4019-4020)

Jun 9, 2021

Introduced in Senate

Plain-English summary Congressional Research Service

Federal Debt Emergency Control Act of 2021

This bill establishes various budget enforcement procedures to address the federal debt.

The procedures established by the bill take effect during any fiscal year that follows a fiscal year in which the amount of federal debt exceeded the gross domestic product (GDP) for that fiscal year.

During such a period, the bill

rescinds unobligated balances of stimulus spending that was provided in specified bills that addressed the impact of COVID-19,
establishes a point of order against legislation that increases spending, and
requires Congress to consider certain deficit reduction measures using specified expedited legislative procedures.

The expedited legislative procedures must be used for legislation that (1) would reduce the deficit by at least 5% during the 10-fiscal-year period following the current fiscal year, and (2) does not increase the rate of any federal tax or increase any fee paid to the federal government.

What's happening now June 9, 2021

Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S4019-4020)

Committees of jurisdiction 1