Title: Debt Control Through Budget Reconciliation Act of 2021
Policy area: Economics and Public Finance

Summary:
Debt Control Through Budget Reconciliation Act of 2021
This bill establishes long-term debt limits and a new reconciliation process to enforce the limits.
Specifically, the bill prohibits the estimated amount of debt held by the public from exceeding a specified percentage of the estimated nominal gross domestic product (GDP) for a fiscal year. The bill limits the debt to 101% of GDP for FY2022 and decreases the limit annually until it reaches 50% of GDP for FY2050.
The bill also establishes a new reconciliation process to enforce the limits. Under this process, the congressional budget resolution could direct congressional committees to report legislation to achieve the long-term debt limits. Congress would then be required to consider the legislation using expedited legislative procedures, which limit debate and amendments.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1383 Introduced in House (IH)]

<DOC>






117th CONGRESS
  1st Session
                                H. R. 1383

 To amend the Congressional Budget and Impoundment Control Act of 1974 
     to provide for long-term debt limits, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 25, 2021

  Mr. Stewart (for himself, Mr. Owens, Mr. Curtis, and Mr. Feenstra) 
 introduced the following bill; which was referred to the Committee on 
Rules, and in addition to the Committee on the Budget, 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 Congressional Budget and Impoundment Control Act of 1974 
     to provide for long-term debt limits, 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 ``Debt Control Through Budget 
Reconciliation Act of 2021''.

SEC. 2. LONG-TERM DEBT LIMITS.

    (a) Long-Term Debt Limits.--
            (1) In general.--The Congressional Budget and Impoundment 
        Control Act of 1974 is amended by adding after section 315 the 
        following:

``SEC. 316. LONG-TERM DEBT LIMITS.

    ``(a) Purpose.--The purpose of this section is to establish long-
term limits on debt held by the public that are enforced through a 
special reconciliation process separate and distinct from the process 
set forth in section 310.
    ``(b) Long-Term Debt Limits.--The total amount of estimated debt 
held by the public as a percentage of the estimated nominal gross 
domestic product of the United States for each fiscal year set forth 
below is as follows:

------------------------------------------------------------------------
           ``Fiscal Year:                     Debt to GDP ratio:
------------------------------------------------------------------------
                      2022                                 101%
------------------------------------------------------------------------
                      2023                                  99%
------------------------------------------------------------------------
                      2024                                  98%
------------------------------------------------------------------------
                      2025                                  96%
------------------------------------------------------------------------
                      2026                                  94%
------------------------------------------------------------------------
                      2027                                  92%
------------------------------------------------------------------------
                      2028                                  90%
------------------------------------------------------------------------
                      2029                                  88%
------------------------------------------------------------------------
                      2030                                  87%
------------------------------------------------------------------------
                      2031                                  85%
------------------------------------------------------------------------
                      2032                                  83%
------------------------------------------------------------------------
                      2033                                  81%
------------------------------------------------------------------------
                      2034                                  79%
------------------------------------------------------------------------
                      2035                                  77%
------------------------------------------------------------------------
                      2036                                  76%
------------------------------------------------------------------------
                      2037                                  74%
------------------------------------------------------------------------
                      2038                                  72%
------------------------------------------------------------------------
                      2039                                  70%
------------------------------------------------------------------------
                      2040                                  68%
------------------------------------------------------------------------
                      2041                                  66%
------------------------------------------------------------------------
                      2042                                  65%
------------------------------------------------------------------------
                      2043                                  63%
------------------------------------------------------------------------
                      2044                                  61%
------------------------------------------------------------------------
                      2045                                  59%
------------------------------------------------------------------------
                      2046                                  57%
------------------------------------------------------------------------
                      2047                                  55%
------------------------------------------------------------------------
                      2048                                  54%
------------------------------------------------------------------------
                      2049                                  52%
------------------------------------------------------------------------
                      2050                                  50%
------------------------------------------------------------------------

    ``(c) Special Reconciliation Procedure.--
            ``(1) In general.--Subject to paragraph (2), after a 
        concurrent resolution on the budget has been agreed to that 
        contains directives regarding the ratio described in section 
        310(a)(8) recommending changes to the Committee on the Budget 
        of the House of Representatives or the Senate (as applicable), 
        the committee shall report to the House or Senate special 
        reconciliation legislation carrying out all such 
        recommendations without any substantive revision.
            ``(2) Failure to report compliant recommendations.--If 1 or 
        more committees do not report recommendations that comply with 
        paragraph (1), the Committee on the Budget of the House of 
        Representatives or the Senate (as applicable)--
                    ``(A) shall report the special reconciliation 
                legislation carrying out all reported recommendations 
                that comply with such paragraph, without any 
                substantive revision; and
                    ``(B) may include in the legislation reported under 
                subparagraph (A) changes in laws within the 
                jurisdiction of each noncompliant committee, if the 
                changes in law comply with such paragraph.
    ``(d) Limits on Special Reconciliation Bills.--
            ``(1) Extraneous material.--
                    ``(A) In general.--It shall not be in order in the 
                Senate to consider any provision in legislation 
                reported under subsection (c) that contains material 
                extraneous (within the meaning given that term under 
                section 313) to the directives to the applicable 
                committee.
                    ``(B) Point of order sustained.--If a point of 
                order is made by a Senator against a provision 
                described in subparagraph (A), and the point of order 
                is sustained by the Chair, that provision shall be 
                stricken from the measure and may not be offered as an 
                amendment from the floor.
                    ``(C) Conference reports.--When the Senate is 
                considering a conference report on, or an amendment 
                between the Houses in relation to, legislation reported 
                under subsection (c), upon a point of order being made 
                by any Senator pursuant to subparagraph (A), and such 
                point of order being sustained, such material contained 
                in such conference report or House amendment shall be 
                stricken, and the Senate shall proceed to consider the 
                question of whether the Senate shall recede from its 
                amendment and concur with a further amendment, or 
                concur in the House amendment with a further amendment, 
                as the case may be, which further amendment shall 
                consist of only that portion of the conference report 
                or House amendment, as the case may be, not so 
                stricken. Any such motion in the Senate shall be 
                debatable. In any case in which such point of order is 
                sustained against a conference report (or Senate 
                amendment derived from such conference report by 
                operation of this subparagraph), no further amendment 
                shall be in order.
                    ``(D) Form of the point of order.--A point of order 
                under subparagraph (A) may be raised by a Senator as 
                provided in section 313(e).
                    ``(E) Supermajority waiver and appeal.--In the 
                Senate, this paragraph may be waived or suspended only 
                by an affirmative vote of three-fifths of the Members, 
                duly chosen and sworn. An affirmative vote of three-
                fifths of 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 this 
                paragraph.
            ``(2) Deficit reduction required.--
                    ``(A) Each title reduces the deficit.--
                            ``(i) In general.--It shall not be in order 
                        the House of Representatives or the Senate to 
                        consider any title in legislation reported 
                        under subsection (c) that would increase the 
                        deficit over--
                                    ``(I) the period during which the 
                                level of deficit reduction specified in 
                                this section is to be achieved; or
                                    ``(II) the period covered by the 
                                most recently agreed to concurrent 
                                resolution on the budget.
                            ``(ii) Point of order sustained.--If a 
                        point of order is made by a Senator or Member 
                        against a title described in clause (i), and 
                        the point of order is sustained by the Chair, 
                        that title shall be stricken from the measure 
                        and may not be offered as an amendment from the 
                        floor.
                            ``(iii) Form of the point of order.--A 
                        point of order under clause (i) may be raised 
                        by a Senator as provided in section 313(e).
                            ``(iv) Conference reports.--When the Senate 
                        or House of Representatives is considering a 
                        conference report on, or an amendment between 
                        the Houses in relation to, a bill or joint 
                        resolution, upon a point of order being made by 
                        any Senator or Member pursuant to clause (i), 
                        and such point of order being sustained, such 
                        material contained in such conference report or 
                        House or Senate amendment shall be stricken, 
                        and the Senate or House shall proceed to 
                        consider the question of whether the Senate or 
                        House shall recede from its amendment and 
                        concur with a further amendment, or concur in 
                        the House or Senate amendment with a further 
                        amendment, as the case may be, which further 
                        amendment shall consist of only that portion of 
                        the conference report or House or Senate 
                        amendment, as the case may be, not so stricken. 
                        Any such motion in the Senate or House shall be 
                        debatable. In any case in which such point of 
                        order is sustained against a conference report 
                        (or Senate or House amendment derived from such 
                        conference report by operation of this clause), 
                        no further amendment shall be in order.
                            ``(v) Supermajority waiver and appeal.--In 
                        the Senate, this subparagraph may be waived or 
                        suspended only by an affirmative vote of three-
                        fifths of the Members, duly chosen and sworn. 
                        An affirmative vote of three-fifths of 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 this 
                        subparagraph.
                    ``(B) No amendments reducing the amount of deficit 
                reduction.--
                            ``(i) In general.--It shall not be in order 
                        in the House of Representatives or the Senate 
                        to consider an amendment to legislation 
                        reported under subsection (c) that would reduce 
                        the amount of the decrease in the deficit, as 
                        compared to the legislation as reported by the 
                        Committee on the Budget of the House or the 
                        Senate (as applicable), over--
                                    ``(I) the period during which the 
                                level of deficit reduction specified in 
                                this section is to be achieved; or
                                    ``(II) the period covered by the 
                                most recently agreed to concurrent 
                                resolution on the budget.
                            ``(ii) Supermajority waiver and appeal.--In 
                        the Senate, this subparagraph may be waived or 
                        suspended only by an affirmative vote of three-
                        fifths of the Members, duly chosen and sworn. 
                        An affirmative vote of three-fifths of 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 this 
                        subparagraph.
    ``(e) Consideration of Special Reconciliation Bills.--
            ``(1) Deadline.--Not later than 50 days after a concurrent 
        resolution on the budget has been agreed to, of any calendar 
        year, the House of Representatives or the Senate shall proceed 
        to consideration of legislation reported under subsection (c).
            ``(2) Procedures.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), and subject to subsection (d), if the 
                Committee on the Budget of the House of Representatives 
                or the Senate (as applicable) reports legislation under 
                subsection (c), the provisions of section 305 for the 
                consideration in the House or Senate of concurrent 
                resolutions on the budget and conference reports 
                thereon shall also apply to the consideration in the 
                House or Senate of such legislation and conference 
                reports thereon.
                    ``(B) Exceptions.--
                            ``(i) Debate.--Debate in the Senate on any 
                        legislation reported under subsection (c), and 
                        all amendments thereto and debatable motions 
                        and appeals in connection therewith, shall be 
                        limited to not more than 20 hours.
                            ``(ii) Amendments.--Paragraph (6) of 
                        section 305(b) shall not apply to legislation 
                        reported under subsection (c).
                    ``(C) Vetoes.--If the President vetoes legislation 
                reported under subsection (c), in the Senate there 
                shall be not more than 1 hour of debate on the veto 
                message, equally divided between the majority and 
                minority leaders or their designees.
            ``(3) Special rules for revenue measures.--
                    ``(A) In general.--If the legislation reported 
                under subsection (c) is a revenue measure, the majority 
                leader shall submit for publication in the 
                Congressional Record a written statement identifying a 
                bill of the House of Representatives that is a revenue 
                measure and that shall be used as the vehicle for 
                consideration of the legislation reported under 
                subsection (c).
                    ``(B) Motion to proceed.--A motion to proceed to 
                the consideration of a bill of the Senate identified in 
                a written statement under subparagraph (A) shall not be 
                debatable.
                    ``(C) Substitute amendment.--
                            ``(i) In general.--If a motion to proceed 
                        to a bill of the Senate identified in a written 
                        statement under subparagraph (A) is agreed to, 
                        the majority leader shall offer an amendment in 
                        the nature of a substitute to the bill, which 
                        shall consist only of the text of the 
                        legislation reported under subsection (c).
                            ``(ii) Treatment of text.--An amendment in 
                        the nature of a substitute offered under clause 
                        (i) shall be--
                                    ``(I) deemed to be agreed to, 
                                subject to further amendment;
                                    ``(II) treated as original text for 
                                purposes of germaneness and further 
                                amendment; and
                                    ``(III) considered in the same 
                                manner as legislation reported under 
                                subsection (c), in accordance with 
                                paragraph (2) of this subsection.
                    ``(D) No effect on points of order.--The fact that 
                legislation reported under subsection (c) is considered 
                as an amendment in the nature of a substitute to a bill 
                of the House of Representatives shall not preclude any 
                point of order that would lie against the legislation 
                if the legislation were considered as a bill of the 
                Senate reported by the Committee on the Budget under 
                subsection (c).''.
            (2) Clerical amendment.--The table of contents set forth in 
        section 1(b) of such Act is amended by inserting after the item 
        relating to section 315 the following:

``316. Long-term debt limits.''.
    (b) Contents of Concurrent Resolution on the Budget.--Section 
301(a) of the Congressional Budget and Impoundment Control Act of 1974 
is amended--
            (1) in paragraph (6), by striking ``and'' at the end;
            (2) in paragraph (7), by striking the period at the end and 
        inserting ``; and''; and
            (3) by inserting after such paragraph (7) the following:
            ``(8) for purposes of the special reconciliation procedures 
        set forth in section 316, the applicable estimated debt held by 
        the public as a percentage of the estimated nominal gross 
        domestic product of the United States as set forth in section 
        316(b).''.
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