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S.43: Dollar-for-Dollar Deficit Reduction Act
About this Bill
|This bill was introduced in the||113th Congress|
|This bill is primarily about||economics and public finance|
|You can||read the bill|
|Sponsor||Rob Portman, R-Ohio|
|Total Cosponsors||29 (All Republicans)|
|Introduced||Jan. 22, 2013|
|Latest Major Action||Jan. 22, 2013|
|See it on||GovTrack|
|See it on||C-SPAN|
- Bill introduced in the Senate
- Bill passed in the Senate
- Bill passed in the House
- Bill signed into law
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 r...
(Source: Congressional Research Service)
|Jan. 22, 2013||Read twice and referred to the Committee on the Budget.|