HR 10078 · 119th Congress — Dollar-for-Dollar Deficit Reduction Act

Summary

Dollar-for-Dollar Deficit Reduction Act The bill establishes a plans to require legislation that increases or suspends the public debt limit to include spending reductions that are equal to or greater than the projected increase in debt that will occur under the legislation. The bill allows the spending reductions to be phased in over the period that includes the current and next 10 fiscal years. Specifically, the bill requires the Department of the Treasury to notify the House Ways and Means Committee and the Senate Finance Committee when it determines that the federal government will reach the debt limit within 60 days without the rollout of extraordinary measures. The notification must also indicate when extraordinary measures may be necessary to prolong the funding of the federal government in the absence of a debt limit increase. Right now, the latest action is: Sent to the Ways and Means Committee, and in addition to the Committees on Rules, and the Budget, for a period to be later determined by the Speaker, in each case for consideration of such parts as fall within the area of responsibility of the committee concerned. The listed sponsor is Rep. Steube, W. Gregory [R-FL-17] [R].

This summary may describe an earlier version. Check the official record for current wording.

Latest action

Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and 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.

Sponsors

• Rep. Steube, W. Gregory [R-FL-17]

  Republican · Florida · House District 17 · Republican

Sources

• Official congressional record ↗