Dollar-for-Dollar Deficit Reduction Act
Sponsored By: Representative Steube, W. Gregory [R-FL-17]
Introduced
Summary
Dollar-for-dollar offsets for any debt-limit increase or suspension. This bill would require every presidential request to raise or suspend the federal debt limit to be matched by equal net spending reductions measured over the current fiscal year and the next 10 years and would boost transparency and voting hurdles for waivers.
Show full summary
- Presidents and the executive branch would need to send debt-limit requests accompanied by spending reductions equal to the proposed increase, using a baseline aligned with the Balanced Budget and Emergency Deficit Control Act (BBEDCA) section 257 and excluding emergency-designated spending.
- Congress would face a new point of order that blocks bills raising the debt limit unless they include net savings equal to the increase over the current year plus the next 10 years. Waiving or appealing that point requires a 3/5 Senate vote and a CBO cost estimate must be public at least 24 hours before action.
- Suspensions would trigger their own point of order and must be offset by net spending reductions equal to the projected debt from the suspension period, and the bill bars shifting outlays or revenues outside the 10-year window.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Debt-limit increases and suspensions must be offset
If enacted, this bill would require any measure that raises or suspends the federal debt limit to include net spending reductions equal to the increase or suspension amount measured over the current fiscal year plus the next 10 fiscal years. For suspensions, the CBO would set the required offset equal to its projected statutory debt at suspension end minus statutory debt at suspension start. The President would have to send any formal request to increase the debt limit with proposed legislation that achieves equal or larger spending cuts, and net interest savings could not count. The CBO would calculate savings using a section 257 baseline that excludes emergency-extrapolated spending and must post its cost estimate on its website at least 24 hours before a vote. The Treasury Secretary would have to warn Congress when the debt is within 60 calendar days of a statutory breach even after extraordinary measures. The Senate would need an affirmative three-fifths vote to waive or sustain appeals of the new points of order.
Sponsors & CoSponsors
Sponsor
Steube, W. Gregory [R-FL-17]
FL • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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