S. 43 · 113th Congress
Dollar-for-Dollar Deficit Reduction Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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PortmanSponsor29 cosponsors · 29 R
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Ayotte
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Chambliss
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Cornyn
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Corker
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Enzi
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Flake
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Grassley
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Hoeven
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Johanns
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Johnson
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Lee
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Thune
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Vitter
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Toomey
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Wicker
JB
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Barrasso
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Crapo
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Graham
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Inhofe
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Isakson
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Kirk
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McCain
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McConnell
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Roberts
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Risch
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Rubio
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Sessions
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Coburn
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Boozman13 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Dollar-for-Dollar Deficit Reduction Act - Requires the Secretary of the Treasury, in the event of a near breach of the current $14.294 trillion public debt limit, to issue a debt limit warning to the Senate Committee on Finance and the House Committee on Ways and Means that includes a determination as to when extraordinary measures may be necessary in order…
What it does: CRS summary · Introduced in Senate · Jan 22, 2013
Dollar-for-Dollar Deficit Reduction Act - Requires the Secretary of the Treasury, in the event of a near breach of the current $14.294 trillion public debt limit, to issue a debt limit warning to the Senate Committee on Finance and the House Committee on Ways and Means that includes a determination as to when extraordinary measures may be necessary in order to prolong the funding of the federal government in the absence of a debt limit increase.
Requires any formal presidential request to increase the public debt limit to include the amount of the proposed debt limit increase and be accompanied by proposed legislation to reduce spending over the sum of the current and following 10 years by an amount equal to or greater than the amount of the requested debt limit increase. Prohibits net interest savings from being counted towards the spending reductions.
Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill, joint resolution, amendment, motion, or conference report that increases the statutory debt limit unless it contains such net spending reductions.
Prohibits Congress from voting on any measure that increases the public debt limit unless the cost estimate of that measure prepared by the Congressional Budget Office (CBO) has been publicly available on the CBO website for at least 24 hours.
Permits waiver or suspension of this prohibition, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Dollar-for-Dollar Deficit Reduction Act
Latest action (Jan 22, 2013): Read twice and referred to the Committee on the Budget.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Jan 22, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.