S. 43: Dollar-for-Dollar Deficit Reduction Act

Introduced:
Jan 22, 2013 (113th Congress, 2013–2015)
Sponsor:
Sen. Robert “Rob” Portman [R-OH]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was assigned to a congressional committee on January 22, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Jan 22, 2013
Referred to Committee Jan 22, 2013
Reported by Committee ...
Passed Senate ...
Passed House ...
Signed by the President ...
Prognosis

0% chance of getting past committee.
0% chance of being enacted.

Only 12% of Senate bills made it past committee and only 2% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
29 cosponsors (29R) (show)
Committees

Senate Budget

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to require that any debt limit increase be balanced by equal spending cuts of the next decade.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Jan 22, 2013.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/22/2013--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Other Citations

  • 31 U.S.C. Chapter 31