Title: Federal Debt Emergency Control Act of 2021
Policy area: Economics and Public Finance

Summary:
Federal Debt Emergency Control Act of 2021
This bill establishes various budget enforcement procedures to address the federal debt.
The procedures established by the bill take effect during any fiscal year that follows a fiscal year in which the amount of federal debt exceeded the gross domestic product (GDP) for that fiscal year.
During such a period, the bill
The expedited legislative procedures must be used for legislation that (1) would reduce the deficit by at least 5% during the 10-fiscal-year period following the current fiscal year, and (2) does not increase the rate of any federal tax or increase any fee paid to the federal government.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4869 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 4869

   To establish processes to control inflationary pressures and the 
             Federal debt, during Federal debt emergencies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2021

  Mr. Banks introduced the following bill; which was referred to the 
Committee on Rules, and in addition to the Committee on Appropriations, 
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 establish processes to control inflationary pressures and the 
             Federal debt, during Federal debt emergencies.

    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 ``Federal Debt Emergency Control Act 
of 2021''.

SEC. 2. DEFINITIONS.

    In this Act--
            (1) the terms ``budget year'' and ``current year'' have the 
        meanings given those terms in section 250(c) of the Balanced 
        Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 
        900(c);
            (2) the term ``eligible bill'' means a bill introduced in 
        the House of Representatives or Senate--
                    (A) during a Federal debt emergency period;
                    (B) the title of which is ``To provide for deficit 
                reduction under the Federal Debt Emergency Control Act 
                of 2021.'';
                    (C) that, if enacted, would result in a reduction 
                of the deficit of not less than 5 percent during the 
                10-fiscal-year period following the current fiscal 
                year; and
                    (D) that does not increase the rate of any Federal 
                tax or increase any fee paid to the Federal Government;
            (3) the term ``Federal debt emergency period'' means the 
        fiscal year following a fiscal year during which the amount of 
        the debt of the Federal Government held by the public exceeded 
        the gross domestic product of the United States for that fiscal 
        year;
            (4) the term ``outlays'' has the meaning given that term in 
        section 3 of the Congressional Budget and Impoundment Control 
        Act of 1974 (2 U.S.C. 621); and
            (5) the term ``stimulus spending'' means amounts made 
        available under--
                    (A) the Coronavirus Preparedness and Response 
                Supplemental Appropriations Act, 2020 (Public Law 116-
                123; 134 Stat 146);
                    (B) the Families First Coronavirus Response Act 
                (Public Law 116-127; 134 Stat. 178);
                    (C) the CARES Act (Public Law 116-136; 134 Stat. 
                281);
                    (D) the Paycheck Protection Program and Health Care 
                Enhancement Act (Public Law 116-139; 134 Stat. 620);
                    (E) division N (relating to additional coronavirus 
                response and relief) of the Consolidated Appropriations 
                Act, 2021 (Public Law 116-260); or
                    (F) the American Rescue Plan Act of 2021 (Public 
                Law 117-2).

SEC. 3. FEDERAL DEBT EMERGENCY CONTROL.

    (a) Termination of Unspent Stimulus Spending in a Federal Debt 
Emergency.--Effective on the first day of the first Federal debt 
emergency period, as determined by the Director of the Office of 
Management and Budget, the unobligated balances of all stimulus 
spending are rescinded and shall be returned to the general fund of the 
Treasury.
    (b) Self-Financing of Legislation Increasing Spending During a 
Federal Debt Emergency.--
            (1) Point of order.--During a Federal debt emergency 
        period, it shall not be in order in the Senate to consider any 
        bill, joint resolution, motion, amendment, amendment between 
        the Houses, or conference report that (excluding changes in 
        Federal tax revenue, if any) would--
                    (A) increase outlays, relative to the most recent 
                baseline under section 257 of the Balanced Budget and 
                Emergency Deficit Control Act of 1985 (2 U.S.C. 907) 
                over the period of the current year, the budget year, 
                and the ensuing 9 fiscal years; or
                    (B) increase the deficit over the period of the 
                current year, the budget year, and the ensuing 9 fiscal 
                years.
            (2) Determination.--The determination of the existence of a 
        Federal debt emergency period, outlays, and the deficit for 
        purposes of paragraph (1) shall be based on estimates provided 
        by the Congressional Budget Office.
            (3) Waiver and appeal.--Paragraph (1) may be waived or 
        suspended in the Senate only by an affirmative vote of two 
        thirds of the Members, duly chosen and sworn. An affirmative 
        vote of two thirds 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 paragraph (1).
            (4) Exercise of rulemaking powers.--Congress adopts the 
        provisions of this subsection--
                    (A) as an exercise of the rulemaking power of the 
                Senate, and as such they shall be considered as part of 
                the rules of the Senate, and such rules shall supersede 
                other rules only to the extent that they are 
                inconsistent with such other rules; and
                    (B) with full recognition of the constitutional 
                right of the Senate to change those rules (insofar as 
                they relate to the Senate) at any time, in the same 
                manner, and to the same extent as is the case of any 
                other rule of the Senate.

SEC. 4. EXPEDITED CONSIDERATION OF DEFICIT REDUCING BILLS.

    (a) Consideration in the House of Representatives.--
            (1) Referral and reporting.--Any committee of the House of 
        Representatives to which an eligible bill is referred shall 
        report it to the House without amendment not later than 30 days 
        after the date on which the eligible bill is introduced. If a 
        committee fails to report an eligible bill within that period, 
        it shall be in order to move that the House discharge the 
        committee from further consideration of the bill. Such a motion 
        shall not be in order after the last committee authorized to 
        consider the bill reports it to the House or after the House 
        has disposed of a motion to discharge the bill. The previous 
        question shall be considered as ordered on the motion to its 
        adoption without intervening motion except 20 minutes of debate 
        equally divided and controlled by the proponent and an 
        opponent. If such a motion is adopted, the House shall proceed 
        immediately to consider the eligible bill in accordance with 
        paragraphs (2) and (3). A motion to reconsider the vote by 
        which the motion is disposed of shall not be in order.
            (2) Proceeding to consideration.--After the last committee 
        authorized to consider an eligible bill reports it to the House 
        or has been discharged (other than by motion) from its 
        consideration, it shall be in order to move to proceed to 
        consider the eligible bill in the House. Such a motion shall 
        not be in order after the House has disposed of a motion to 
        proceed with respect to the eligible bill. The previous 
        question shall be considered as ordered on the motion to its 
        adoption without intervening motion. A motion to reconsider the 
        vote by which the motion is disposed of shall not be in order.
            (3) Consideration.--An eligible bill shall be considered as 
        read. All points of order against an eligible bill and against 
        its consideration are waived. The previous question shall be 
        considered as ordered on an eligible bill to its passage 
        without intervening motion except 2 hours of debate equally 
        divided and controlled by the proponent and an opponent and one 
        motion to limit debate on the eligible bill. A motion to 
        reconsider the vote on passage of an eligible bill shall not be 
        in order.
            (4) Vote on passage.--The vote on passage of an eligible 
        bill shall occur not later than 30 days after the date on which 
        the eligible bill is introduced.
    (b) Expedited Procedure in the Senate.--
            (1) Committee consideration.--An eligible bill introduced 
        in the Senate shall be jointly referred to the committee or 
        committees of jurisdiction, which committees shall report the 
        bill without any revision and with a favorable recommendation, 
        an unfavorable recommendation, or without recommendation, not 
        later than 30 days after the date on which the eligible bill is 
        introduced. If any committee fails to report an eligible bill 
        within that period, that committee shall be automatically 
        discharged from consideration of the eligible bill, and the 
        eligible bill shall be placed on the appropriate calendar.
            (2) Motion to proceed.--Notwithstanding Rule XXII of the 
        Standing Rules of the Senate, it is in order, not later than 2 
        days of session after the date on which an eligible bill is 
        reported or discharged from all committees to which it was 
        referred, for the majority leader of the Senate or the majority 
        leader's designee to move to proceed to the consideration of 
        the eligible bill. It shall also be in order for any Member of 
        the Senate to move to proceed to the consideration of the 
        eligible bill at any time after the conclusion of such 2-day 
        period. A motion to proceed is in order even though a previous 
        motion to the same effect has been disagreed to. All points of 
        order against the motion to proceed to an eligible bill are 
        waived. The motion to proceed is not debatable. The motion is 
        not subject to a motion to postpone. A motion to reconsider the 
        vote by which the motion is agreed to or disagreed to shall not 
        be in order. If a motion to proceed to the consideration of an 
        eligible bill is agreed to, the eligible bill shall remain the 
        unfinished business until disposed of.
            (3) Consideration.--All points of order against an eligible 
        bill and against consideration of the eligible bill are waived. 
        Consideration of an eligible bill and of all debatable motions 
        and appeals in connection therewith shall not exceed a total of 
        30 hours which shall be divided equally between the Majority 
        and Minority Leaders or their designees. A motion further to 
        limit debate on an eligible bill is in order, shall require an 
        affirmative vote of three-fifths of the Members duly chosen and 
        sworn, and is not debatable. Any debatable motion or appeal is 
        debatable for not to exceed 1 hour, to be divided equally 
        between those favoring and those opposing the motion or appeal. 
        All time used for consideration of an eligible bill, including 
        time used for quorum calls and voting, shall be counted against 
        the total 30 hours of consideration.
            (4) No amendments.--An amendment to an eligible bill, or a 
        motion to postpone, or a motion to proceed to the consideration 
        of other business, or a motion to recommit the eligible bill, 
        is not in order.
            (5) Vote on passage.--If the Senate has voted to proceed to 
        an eligible bill, the vote on passage of the eligible bill 
        shall occur immediately following the conclusion of the debate 
        on the eligible bill, and a single quorum call at the 
        conclusion of the debate if requested. The vote on passage of 
        an eligible bill shall occur not later than 30 days after the 
        date on which the eligible bill is introduced.
            (6) Rulings of the chair on procedure.--Appeals from the 
        decisions of the Chair relating to the application of the rules 
        of the Senate, as the case may be, to the procedure relating to 
        an eligible bill shall be decided without debate.
    (c) Amendment.--An eligible bill shall not be subject to amendment 
in either the House of Representatives or the Senate.
    (d) Consideration by the Other House.--
            (1) In general.--If one House receives from the other an 
        eligible bill--
                    (A) the eligible bill of the other House shall not 
                be referred to a committee; and
                    (B) the eligible bill of the other House shall be 
                entitled to expedited floor procedures under this 
                section.
            (2) Revenue measure.--This subsection shall not apply to 
        the House of Representatives if an eligible bill received from 
        the Senate is a revenue measure.
    (e) Vetoes.--If the President vetoes an eligible bill, debate on a 
veto message in the Senate under this section shall be 1 hour equally 
divided between the majority and minority leaders or their designees.
    (f) Loss of Privilege.--The provisions of this section shall only 
apply to an eligible bill during a Federal debt emergency period.
    (g) Rulemaking.--The provisions of this section are enacted by 
Congress--
            (1) as an exercise of the rulemaking power of the House of 
        Representatives and the Senate, respectively, and as such they 
        shall be considered as part of the rules of each House, 
        respectively, or of that House to which they specifically 
        apply, and such rules shall supersede other rules only to the 
        extent that they are inconsistent therewith; and
            (2) with full recognition of the constitutional right of 
        either House to change such rules (so far as relating to such 
        House) at any time, in the same manner, and to the same extent 
        as in the case of any other rule of such House.
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