Title: Deal with the Debt Today Act
Policy area: Economics and Public Finance

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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6887 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6887

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2020

 Mr. Curtis (for himself, Mr. Gosar, Mr. Budd, Mr. Emmer, Mr. Gohmert, 
 Mr. Rouzer, Mr. Stewart, Mr. Bishop of North Carolina, Mr. Perry, and 
 Mr. Wright) introduced the following bill; which was referred to the 
Committee on the Budget, and in addition to the Committee on Rules, for 
a period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL


 
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Deal with the Debt Today Act''.

SEC. 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 et seq.) 
is amended by inserting after section 253 the following:

``SEC. 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' means funding for any fiscal year as 
        described in section 251(b)(2)(A) and section 251(b)(2)(D).
            ``(2) Excess disaster and emergency spending.--The term 
        `excess disaster and emergency spending' means any such 
        spending for which an adjustment is made under the sections 
        referred to in paragraph (1) for any fiscal year.
            ``(3) Base fiscal year.--The term `base fiscal year' means 
        any fiscal year in which there is excess disaster and emergency 
        spending.
    ``(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.''.

SEC. 3. REPEALER.

    Subsection (g) of section 4 of the Statutory Pay-As-You-Go Act of 
2010 (2 U.S.C. 933(g)) (relating to emergency legislation) is repealed.

SEC. 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.
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