Dollar-for-Dollar Rule: Debt Limit Increase Requires Equal Spending Cuts
This bill establishes a strict new rule: any decision by Congress to raise the national debt limit must be immediately paired with legislation enacting federal spending cuts. These savings must equal or exceed the amount of the new debt and must be spread over the next ten years. This means that future increases in the government's borrowing authority will directly result in reduced funding for other government programs, potentially impacting public services and investments.
Key points
Raising the federal debt limit is only possible if accompanied by spending cuts of the same or greater value over the next decade.
The President, when requesting a debt increase, must simultaneously submit specific legislative proposals for savings.
In the Senate, considering a debt increase bill without the required cuts needs a three-fifths supermajority vote to proceed.
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