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Public Debt Control: Spending Cuts and Expedited Deficit Reduction Bills

This act aims to control public debt when it exceeds the nation's annual income. In such a situation, unspent funds from aid programs (e.g., pandemic-related) will be returned to the treasury. Additionally, introducing new spending will be more difficult, and bills aimed at reducing the deficit will be fast-tracked, potentially impacting the availability of public funds and national financial stability.
Key points
Automatic rescission of unspent stimulus funds (e.g., COVID-19) during high public debt periods.
Increased difficulty in passing new spending that increases the deficit, unless self-financed.
Expedited procedures for bills designed to reduce the deficit, potentially leading to quicker budget changes.
Defines a "Federal debt emergency" as public debt exceeding the nation's annual GDP.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 117_S_1990
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2021-06-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Debt Emergency Control Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1990.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-09.

What are the main provisions?

Key points include:

  • Automatic rescission of unspent stimulus funds (e.g., COVID-19) during high public debt periods.
  • Increased difficulty in passing new spending that increases the deficit, unless self-financed.
  • Expedited procedures for bills designed to reduce the deficit, potentially leading to quicker budget changes.
  • Defines a "Federal debt emergency" as public debt exceeding the nation's annual GDP.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Rick [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Public Investments