Deal with the Debt Today Act

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to establish a disaster and emergency spending financial offset program, and for other purposes. 1. Short title This Act may be cited as the Deal with the Debt Today Act 2. Sequestrations to offset disaster and emergency spending for which an adjustment is made (a) Offsetting disaster and emergency spending The Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900 253A. Establishing a disaster and emergency spending financial offset program (a) Definitions In this section: (1) Disaster and emergency spending The term disaster and emergency spending (2) Excess disaster and emergency spending The term excess disaster and emergency spending (3) Base fiscal year The term base fiscal year (b) Sequestration (1) In general (A) Excess disaster and emergency spending Within 15 calendar days after Congress adjourns to end a session there shall be a sequestration to eliminate any excess disaster and emergency spending as set forth in subparagraph (B). (B) Amounts to be sequestered The sequestration resulting from the fiscal year described in subparagraph (A) shall be governed by the following schedule: (i) For the third fiscal year beginning after a base fiscal year, 5 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (ii) For the fourth fiscal year beginning after a base fiscal year, 7.5 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (iii) For the fifth fiscal year beginning after a base fiscal year, 10 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (iv) For the sixth fiscal year beginning after a base fiscal year, 12.5 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (v) For the seventh fiscal year beginning after a base fiscal year, 15 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (vi) For the eighth fiscal year beginning after a base fiscal year, 15 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (vii) For the ninth fiscal year beginning after a base fiscal year, 17.5 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (viii) For the tenth fiscal year beginning after a base fiscal year, 17.5 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (2) Sequestration (A) CBO preview report On August 15 of each calendar year, the Congressional Budget Office shall issue a sequestration preview report setting forth the total amount of excess disaster and emergency spending for the fiscal year ending during the calendar year of this report. (B) OMB preview report On August 20 of each calendar year, the Office of Management and Budget shall issue a sequestration preview report setting forth the total amount of excess disaster and emergency spending for the fiscal year ending during the calendar year of this report. (C) Final report On October 31 of each calendar year, the Office of Management and Budget shall issue a final sequestration report equal to the excess, which shall be accompanied by a Presidential order detailing uniform spending reductions equal to the excess outlay amount. (D) Process The reductions shall generally follow the process set forth in sections 253 and 254, except as provided in this section. (c) No exempt programs Section 255 and section 256 shall not apply to this section or any sequestration order issued under this section, except that payments for net interest (budget function 900) shall be exempt from the spending reductions under sequestration. (d) Low growth At any time that OMB determines that real economic growth is projected or estimated to be less than zero for any 2 consecutive quarters within a fiscal year, any sequestration order under this section shall be suspended until projected or estimated growth for a quarter is positive. . (b) Conforming amendment The table of contents set forth in section 250(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by inserting after the item relating to section 253 the following new item: 253A. Establishing a disaster and emergency spending financial offset program. . 3. Repealer Subsection (g) of section 4 of the Statutory Pay-As-You-Go Act of 2010 ( 2 U.S.C. 933(g) 4. Effective date The amendments made by section 2 shall apply to fiscal years beginning at least 90 days after the date of enactment of this Act.

Summary: Deal with the Debt Today Act This bill generally requires disaster and emergency spending to be paid for over a 10-year period with spending reductions.