Dollar-for-Dollar Deficit Reduction Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Dollar-for-Dollar Deficit Reduction 
Act''.

SEC. 2. AMENDMENT TO TITLE 31.

    (a) In General.--Subchapter I of chapter 31 of title 31, United 
States Code, is amended by inserting after section 3101A the following:
``Sec. 3101B. Debt limit control
    ``(a) Declaration of a Debt Limit Warning.--
            ``(1) In general.--In the event of a near breach of the 
        public debt limit established by section 3101, the Secretary of 
        the Treasury shall issue a debt limit warning to the Committee 
        on Finance of the Senate and the Committee on Ways and Means of 
        the House of Representatives that shall include a determination 
        as to when extraordinary measures may be necessary in order to 
        prolong the funding of the United States Government.
            ``(2) Definitions.--In this subsection:
                    ``(A) Extraordinary measures.--The term 
                `extraordinary measures' means measures that may be 
                taken by the Secretary of the Treasury in the event of 
                a breach of the debt limit by the United States to 
                prolong the function of United States Government in the 
                absence of a debt limit increase.
                    ``(B) Near breach.--The term `near breach' means 
                the point at which the Secretary of the Treasury 
                determines that the United States Government will reach 
                the statutorily prescribed debt limit within 60 
                calendar days notwithstanding the implementation of 
                extraordinary measures.
    ``(b) Presidential Submission of Debt Limit Legislation.--
            ``(1) Savings recommendations from the president.--Any 
        formal Presidential request to increase the debt limit under 
        this section shall 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. Net interest savings may not be 
        counted towards spending reductions required by this paragraph.
            ``(2) Calculation.--The spending savings under paragraph 
        (1) shall be calculated against a budget baseline consistent 
        with section 257 of the Balanced Budget and Emergency Deficit 
        Control Act of 1985. This baseline shall exclude the 
        extrapolation of any spending that had been enacted under an 
        emergency designation.''.
    (b) Subchapter Analysis.--The table of sections for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
for section 3101A the following:

``3101B. Debt limit control.''.

SEC. 3. CONGRESSIONAL REQUIREMENT TO RESTRAIN SPENDING WHILE RAISING 
              THE DEBT LIMIT.

    (a) In General.--Title III of the Congress and Budget Act of 1974 
is amended by inserting at the end the following:

``SEC. 316. DEBT LIMIT INCREASE POINT OF ORDER.

    ``(a) In General.--
            ``(1) Point of order.--Except as provided in subsection 
        (b), it shall not be in order in the Senate or the House of 
        Representatives to consider any bill, joint resolution, 
        amendment, motion, or conference report that increases the 
        statutory debt limit unless the bill contains net spending 
        reductions of an equal or greater amount over the sum of the 
        current and next 10 fiscal years. Net interest savings may not 
        be counted towards spending reductions required by this 
        paragraph.
            ``(2) Components of net spending reduction.--
                    ``(A) Calculation.--The savings resulting from the 
                proposed spending reductions under paragraph (1) shall 
                be calculated by the Congressional Budget Office 
                against a budget baseline consistent with section 257 
                of the Balanced Budget and Emergency Deficit Control 
                Act of 1985. This baseline shall exclude the 
                extrapolation of any spending that had been enacted 
                under an emergency designation.
                    ``(B) Availability.--The Senate and the House of 
                Representatives may not vote on any bill, joint 
                resolution, amendment, motion, or conference report 
                that increases the public debt limit unless the cost 
                estimate of that measure prepared by the Congressional 
                Budget Office has been publicly available on the Web 
                site of the Congressional Budget Office for at least 24 
                hours.
                    ``(C) Prohibit timing shifts.--Any provision that 
                shifts outlays or revenues from within the 10-year 
                window to outside the window shall not count towards 
                the budget savings target for purposes of this 
                subsection.
    ``(b) Senate Supermajority Waiver and Appeal.--
            ``(1) Waiver.--In the Senate, subsection (a)(1) may be 
        waived or suspended only by an affirmative vote of three-fifths 
        of the Members, duly chosen and sworn.
            ``(2) Appeal.--An affirmative vote of three-fifths of the 
        Members of the Senate, duly chosen and sworn, shall be required 
        to sustain an appeal of the ruling of the Chair on a point of 
        order raised under subsection (a)(1).''.
    (b) Conforming Amendment.--The table of contents set forth in 
section 1(b) of the Congressional Budget and Impoundment Control Act of 
1974 is amended by inserting after section 315 the following new item:

``Sec. 316. Debt limit increase point of order.''.

Summary: 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.