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S. 2435 (116th): BASIC Act

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About the bill

A decade from now, interest on the deficit alone will be higher than the entire deficit was last year. Should this be reflected in government spending and budget estimates?

Context

The federal deficit was $779 billion last year. [See Table 1.1 in that link, cell E29.] It’s projected to rise to $960 billion this year. And on its current path, it will exceed $1 billion annually for the next decade.

Several factors are contributing to this sharp rise. One of the biggest is 2017’s Republican-led Tax Cuts and Jobs Act law which slashed rates on income, payroll, and corporate taxes. Increasing spending enacted on a bipartisan basis for Social Security, Medicare, and defense is also contributing to the rising deficit as well.

Interest owed for the national ...

Sponsor and status

Steve Daines

Sponsor. Senator for Montana. Republican.

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Last Updated: Aug 1, 2019
Length: 2 pages
Introduced
Aug 1, 2019
116th Congress (2019–2021)
Status
Died in a previous Congress

This bill was introduced on August 1, 2019, in a previous session of Congress, but it did not receive a vote.

Source

History

Aug 1, 2019
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

S. 2435 (116th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 2435. This is the one from the 116th Congress.

This bill was introduced in the 116th Congress, which met from Jan 3, 2019 to Jan 3, 2021. Legislation not enacted by the end of a Congress is cleared from the books.

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“S. 2435 — 116th Congress: BASIC Act.” www.GovTrack.us. 2019. January 25, 2021 <https://www.govtrack.us/congress/bills/116/s2435>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.