In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Terrorism Insurance Backstop 
Extension Act of 2005''.

SEC. 2. EXTENSION OF TERRORISM INSURANCE PROGRAM.

    (a) Program Years 4 and 5.--Paragraph (11) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended 
by adding at the end the following new subparagraphs:
                    ``(E) Program year 4.--The term `Program Year 4' 
                means the period beginning on January 1, 2006 and 
                ending on December 31, 2006.
                    ``(F) Program year 5.--The term `Program Year 5' 
                means the period beginning on January 1, 2007 and 
                ending on December 31, 2007.''.
    (b) Insurer Deductible.--Paragraph (7) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) by redesignating subparagraph (E) as subparagraph (H);
            (2) in subparagraph (D), by striking ``and'' at the end;
            (3) by inserting after subparagraph (D) the following new 
        subparagraphs:
                    ``(E) for Program Year 4, the value of an insurer's 
                direct earned premiums over the calendar year 
                immediately preceding Program Year 4, multiplied by 15 
                percent;
                    ``(F) for Program Year 5, the value of an insurer's 
                direct earned premiums over the calendar year 
                immediately preceding Program Year 4, multiplied by 20 
                percent; and'';
            (4) in subparagraph (H) (as so redesignated by paragraph 
        (1) of this subsection)--
                    (A) by striking ``(D)'' and inserting ``(F)''; and
                    (B) by striking ``or Program Year 3'' and inserting 
                ``Program Year 3, Program Year 4, or Program Year 5''.
    (c) Mandatory Availability.--Subsection (c) of section 103 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) by striking all of the matter that precedes 
        subparagraph (A) of paragraph (1) and inserting the following:
    ``(c) Mandatory Availability.--During the Program, each entity that 
meets the definition of an insurer under section 102--'';
            (2) by striking paragraph (2); and
            (3) by redesignating subparagraphs (A) and (B) as 
        paragraphs (1) and (2) and realigning such paragraphs, as so 
        redesignated, so as to be indented 2 ems from the left margin.
    (d) Insured Loss Shared Compensation.--Subsection (e) of section 
103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
is amended--
            (1) in paragraph (2)(A), by striking ``or Program Year 3'' 
        and inserting ``, Program Year 3, Program Year 4, Program Year 
        5, or the final Program Year'';
            (2) in paragraph (3), by striking ``or Program Year 3'' and 
        inserting ``, Program Year 3, Program Year 4, Program Year 5, 
        or the final Program Year'';
            (3) in paragraph (6)--
                    (A) in subparagraph (B), by striking ``and'' at the 
                end;
                    (B) in subparagraph (C) by striking the period at 
                the end and inserting a semicolon; and
                    (C) by adding at the end the following new 
                subparagraphs:
                    ``(D) for Program Year 4, the lesser of--
                            ``(i) $17,500,000,000; and
                            ``(ii) the aggregate amount, for all 
                        insurers, of insured losses during such Program 
                        Year;
                    ``(E) for each of Program Year 5 and the Final 
                Program Year, the lesser of--
                            ``(i) $20,000,000,000; and
                            ``(ii) the aggregate amount, for all 
                        insurers, of insured losses during such Program 
                        Year; and''; and
            (4) in paragraph (7)--
                    (A) in subparagraph (A), by striking ``and (C)'' 
                and inserting ``(C), (D), and (E)''; and
                    (B) in subparagraphs (B) and (C), by striking ``or 
                (C)'' each place such term appears and inserting ``(C), 
                (D), or (E)''.
    (e) Coverage of Group Life Insurance.--
            (1) In general.--Paragraph (5) of section 102 of the 
        Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
        amended in the matter that precedes subparagraph (A) by 
        inserting ``or group life'' after ``property and casualty''.
            (2) Technical and conforming amendments.--The Terrorism 
        Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
                    (A) in section 102--
                            (i) in paragraph (1)--
                                    (I) in subparagraph (B)(i), by 
                                inserting ``or group life insurance'' 
                                after ``workers' compensation''; and
                                    (II) in subparagraph (B)(ii), by 
                                inserting ``and group life insurance'' 
                                after ``property and casualty 
                                insurance'';
                            (ii) in paragraph (4)--
                                    (I) by inserting ``or for group 
                                life insurance'' after ``property and 
                                casualty insurance''; and
                                    (II) by striking ``paragraph (5)'' 
                                and inserting ``paragraph (6)'';
                            (iii) in paragraph (5), by inserting ``and 
                        group life insurance'' after ``workers' 
                        compensation''; and
                            (iv) in paragraph (6)--
                                    (I) in subparagraph (A)(i), by 
                                inserting ``property and casualty or 
                                group life'' after ``excess'';
                                    (II) in subparagraph (B), by 
                                inserting ``or group life insurance 
                                coverage'' after ``property and 
                                casualty insurance coverage'';
                            (v) by redesignating paragraphs (5) through 
                        (16) as paragraphs (6) through (17), 
                        respectively; and
                            (vi) by inserting after paragraph (4), the 
                        following new paragraph:
            ``(5) Group life insurance.--The term `group life 
        insurance' means an insurance contract that provides term life 
        insurance coverage, accidental death coverage, or a combination 
        thereof, for a number of persons under a single contract, on 
        the basis of a group selection of risks.'';
                    (B) in section 103--
                            (i) in subsection (b)(1), by inserting 
                        ``(including a named beneficiary in the case of 
                        a group life insurance policy)'' before the 
                        second comma;
                            (ii) in subsection (c)--
                                    (I) in paragraph (1) (as so 
                                redesignated by subsection (c)(3) of 
                                this section), by inserting ``and group 
                                life'' after ``property and casualty''; 
                                and
                                    (II) in paragraph (2) (as so 
                                redesignated by subsection (c)(3) of 
                                this section), by inserting ``and group 
                                life'' after ``property and casualty'';
                            (iii) in subsection (e)--
                                    (I) in paragraph (6), by striking 
                                ``For'' and inserting ``Except as 
                                provided in subparagraph (F) of this 
                                paragraph, for'';
                                    (II) in paragraph (6), by inserting 
                                after subparagraph (E) (as added by 
                                subsection (d)(3)(C) of this section) 
                                the following new subparagraph:
                    ``(F) for each of the periods referred to in 
                subparagraphs (A) through (E), the amounts provided 
                under such subparagraphs, as such amounts shall be 
                increased by the Secretary before the expiration of the 
                90-day period beginning on the date of the enactment of 
                the Terrorism Insurance Backstop Extension Act of 2005, 
                based on the increase in the size of the Program caused 
                by the inclusion of group life insurance pursuant to 
                such Act, in proportion to the increased premiums 
                involved.'';
                                    (III) in paragraph (7)(C), by 
                                inserting ``or group life insurance'' 
                                after ``workers compensation'';
                                    (IV) in paragraph (8)(A)(i), by 
                                inserting ``and group life'' after 
                                ``property and casualty''; and
                                    (V) in paragraph (8), by inserting 
                                ``or group life'' after ``property and 
                                casualty'' each place such term appears 
                                in subparagraphs (A)(iii) and (C); and
                            (iv) by striking subsection (h);
                    (C) in section 105(c), by inserting ``or group 
                life'' after ``property and casualty''; and
                    (D) in section 108(d)(1), by inserting ``and the 
                group life insurance industry'' after ``property and 
                casualty insurance industry''.
            (3) Required rulemaking.--Not later than 90 days after the 
        date of the enactment of this Act, the Secretary of the 
        Treasury shall issue final regulations to carry out this 
        subsection.
    (f) Study on Long-Term Solutions.--Section 103 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking 
subsection (i) and inserting the following new subsection:
    ``(h) Study on Long-Term Solutions.--By September 1, 2005, the 
Secretary shall conduct a study and submit a report to the Congress on 
alternatives for expanding the availability and affordability of 
terrorism insurance after the termination of the Program that do not 
involve a Federal financial backstop.''.
    (g) Termination of Program.--
            (1) Termination.--Subsection (a) of section 108 of the 
        Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
        amended by striking ``December 31, 2005'' and inserting 
        ``December 31, 2007''.
            (2) Final gao study and report.--Subsection (d) of section 
        108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
        note) is amended by adding at the end the following new 
        paragraph:
            ``(3) Final gao study and report.--The Comptroller General 
        of the United States shall conduct an assessment of the matters 
        referred to in paragraph (1) and shall submit a report to the 
        Congress, not later than June 30, 2007, on the results of such 
        study.''.

SEC. 3. FINAL PROGRAM YEAR.

    (a) Definition.--Paragraph (11) of section 102 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended by the 
preceding provisions of this Act, is further amended by adding at the 
end the following new subparagraph:
                    ``(G) Final program year.--The term `Final Program 
                Year' means the period beginning on January, 1, 2008 
                and ending on December 31, 2008.''. ''.
    (b) Insured Losses.--Paragraph (5) of section 102 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding 
after and below subparagraph (B) the following new sentence:
        ``With respect to the Final Program Year, such term means only 
        such losses as are described in the preceding sentence that are 
        covered by primary or excess property and casualty insurance or 
        group life insurance, that is issued before January 1, 2008, 
        and expires not later than December 31, 2008; except that the 
        Secretary may exclude from insured losses for the Final Program 
        Year losses covered by a policy for such insurance if the 
        Secretary determines that the primary purpose in establishing 
        the particular term of the policy was obtaining compensation 
        under the Program for losses covered by the policy.''.
    (c) Insurer Deductible.--Paragraph (7) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended 
by the preceding provisions of this Act, is further amended by 
inserting after subparagraph (F) the following new subparagraph:
                    ``(G) for the Final Program Year, the value of an 
                insurer's direct earned premiums for the terms 
                remaining under any policies for insurance described in 
                the last sentence of paragraph (5) as of the occurrence 
                of the act of terrorism during such Year that results 
                in insured losses, as determined by the Secretary, 
                multiplied by 20 percent; and''.

Answer: Terrorism Insurance Backstop Extension Act of 2005 - Amends the Terrorism Risk Insurance Act of 2002 to define: (1) the term "Program Year 4" as the period from January 1, 2006, through December 31, 2006; and (2) the term "Program Year 5" as the period from January 1, 2007, from December 31, 2007 (thereby extending the terrorism risk insurance program from 2005 through 2007).

Sets a deadline for the Secretary of the Treasury to make a final determination regarding: (1) the availability of group life insurance to both insurers and consumers; and (2) whether certain provisions of the Act shall be applied to providers of group life insurance.

Sunsets the Terrorism Risk Insurance Program after December 31, 2007.

Details the treatment of insured losses and the insurer deductible for the Final Program Year (January 1, 2008, through December 31, 2008).


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as ``State Business Law Conformity Act of 
2004''.

SEC. 2. REFERENCES TO GENERAL PARTNERS.

    (a) Exclusion of Certain Active Businesses From at Risk Rules.--
Subclause (I) of section 465(c)(7)(D)(ii) of the Internal Revenue Code 
of 1986 (defining qualified corporate partner) is amended to read as 
follows:
                                    ``(I) such corporation is not 
                                prohibited or limited under State law 
                                from participation in the management or 
                                business of the partnership.''.
    (b) Payments to Retiring Partners.--Subparagraph (B) of section 
736(b)(3) of such Code (relating to limitation on application of 
paragraph (2)) is amended to read as follows:
                    ``(B) any portion of the retiring or deceased 
                partner's distributive share of partnership income was 
                subject to tax under section 1401.''.
    (c) Foreign Currency Transactions.--Subclause (I) of section 
988(c)(1)(E)(v) of such Code is amended to read as follows:
                                    ``(I) Certain general partners.--
                                The interest of a partner in the 
                                partnership shall not be treated as 
                                failing to meet the 20-percent 
                                ownership requirements of clause 
                                (iii)(I) for any taxable year of the 
                                partnership if for the taxable year of 
                                the partner in which such partnership 
                                taxable year ends--
                                            ``(aa) the partner is not 
                                        limited as to participation in 
                                        the management or activity of 
                                        the qualified fund, and
                                            ``(bb) such partner (and 
                                        each corporation filing a 
                                        consolidated return with such 
                                        partner) had no ordinary income 
                                        or loss from a section 988 
                                        transaction which is foreign 
                                        currency gain or loss (as the 
                                        case may be).''.
    (d) Special Valuation Rules for Generation-Skipping Tax.--Clause 
(ii) of section 2701(b)(2)(B) of such Code (relating to partnerships) 
is amended to read as follows:
                            ``(ii) in the case of a limited 
                        partnership, the holding of any interest as a 
                        partner who is not limited as to participation 
                        in management or activity of the 
                        partnership.''.
    (e) Tax Matters Partner.--Paragraph (7) of section 6231(a) of such 
Code (defining tax matters partner) is amended to read as follows:
            ``(7) Tax matters partner.--
                    ``(A) In general.--The tax matters partner of any 
                partnership is--
                            ``(i) the partner designated as the tax 
                        matters partner as provided in regulations, or
                            ``(ii) if there is no partner who has been 
                        so designated, the partner having the largest 
                        profits interest in the partnership at the 
                        close of the taxable year involved (or, where 
                        there is more than 1 such partner, the 1 of 
                        such partners whose name would appear first in 
                        an alphabetical listing).
                    ``(B) Selection by secretary.--If there is no 
                partner designated under subparagraph (A)(i) and the 
                Secretary determines that it is impracticable to apply 
                subparagraph (A)(ii), the partner selected by the 
                Secretary shall be treated as the tax matters partner. 
                The Secretary shall, within 30 days of selecting a tax 
                matters partner under the preceding sentence, notify 
                all partners required to receive notice under section 
                6223(a) of the name and address of the person selected.
                    ``(C) Restriction on designation of partner.--A 
                partner may not be designated as a tax matters partner 
                under subparagraph (A)(i) unless such partner is not 
                limited as to participation in management or activity 
                of the partnership.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

SEC. 3. REFERENCES TO LIMITED PARTNERS.

    (a) Limited Entrepreneur.--
            (1) In general.--Subparagraph (A) of section 464(e)(2) of 
        the Internal Revenue Code of 1986 (defining limited 
        entrepreneur) is amended by striking ``other than as a limited 
        partner''.
            (2) Conforming amendments.--
                    (A) Section 464(c) of such Code is amended--
                            (i) by striking ``limited partners or'' in 
                        paragraph (1)(B),
                            (ii) by striking ``a limited partner or'' 
                        in paragraph (2).
                    (B) Section 1256 of such Code is amended--
                            (i) by striking ``limited partners or'' 
                        each place it appears in subsections (e)(3)(B) 
                        and (f)(4),
                            (ii) by striking ``a limited partner or'' 
                        in subsection (e)(3)(C), and
                            (iii) by striking ``limited partner or'' 
                        both places it appears in the heading and text 
                        of subsection (e)(4)(A)(i).
                    (C) Section 1258(d)(5)(C) of such Code is amended--
                            (i) by striking ``limited partner or'' in 
                        the matter preceding subclause (i),
                            (ii) by striking ``limited partner's (or 
                        limited entrepreneur's) in subclause (i) and 
                        inserting ``limited entrepreneur's'', and
                            (iii) by striking ``partners and limited'' 
                        in the heading.
    (b) Passive Loss Rules.--
            (1) Subsection (h) of section 469 of such Code is amended 
        by striking paragraph (2) and by redesignating paragraphs (3), 
        (4), and (5) as paragraphs (2), (3), and (4), respectively.
            (2) Subparagraph (A) of section 469(c)(7) of such Code is 
        amended by striking the last sentence.
            (3) Paragraph (6) of section 469(i) of such Code is amended 
        by striking subparagraph (C) and by redesignating subparagraph 
        (D) as subparagraph (C).
            (4) Subsection (f) of section 772 of such Code (relating to 
        special rules for applying passive loss limitations) is amended 
        to read as follows:
    ``(f) Special Rules for Applying Passive Loss Limitations.--
            ``(1) In general.--If any person holds an interest in an 
        electing large partnership other than as a partner described in 
        paragraph (3)--
                    ``(A) paragraph (2) of subsection (c) shall not 
                apply to such partner, and
                    ``(B) such partner's distributive share of the 
                partnership items allocable to passive loss limitation 
                activities shall be taken into account separately to 
                the extent necessary to comply with the provisions of 
                section 469.
            ``(2) Exception.--Paragraph (1) shall not apply to any 
        items allocable to an interest held as a partner described in 
        paragraph (3).
            ``(3) Partner described.--For purposes of this subsection, 
        a partner is described in this paragraph if the partner is a 
        person whose participation in the management or business 
        activity of the partnership is limited under applicable State 
        law.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

SEC. 4. PARTNERSHIP INCOME ATTRIBUTABLE TO CAPITAL EXCLUDED FROM NET 
              EARNINGS FROM SELF-EMPLOYMENT.

    (a) In General.--Paragraph (13) of section 1402(a) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(13) there shall be excluded the distributive share of 
        net income of a partner attributable to capital;''.
    (b) Partnership Income Attributable to Capital.--Section 1402 of 
such Code is amended by adding at the end the following new subsection:
    ``(l) Partnership Income Attributable to Capital.--
            ``(1) In general.--For purposes of subsection (a)(13), the 
        following amounts shall be treated as income attributable to 
        capital--
                    ``(A) the amount, if any, in excess of what would 
                constitute reasonable compensation for services 
                rendered by such partner to the partnership, and
                    ``(B) an amount equal to a reasonable rate of 
                return on unreturned capital of the partner determined 
                as of the beginning of the taxable year.
            ``(2) Definitions.--For purposes of paragraph (1)--
                    ``(A) Unreturned capital.--The term `unreturned 
                capital' means the excess of the aggregate amount of 
                money and the fair market value as of the date of 
                contribution of other consideration (net of 
                liabilities) contributed by the partner over the 
                aggregate amount of money and the fair market value as 
                of the date of distribution of other consideration (net 
                of liabilities) distributed by the partnership to the 
                partner, increased or decreased for the partner's 
                distributive share of all reportable items as 
                determined in section 702. If the partner acquires a 
                partnership interest and the partnership makes an 
                election under section 754, the partner's unreturned 
                capital shall take into account appropriate adjustments 
                under section 743.
                    ``(B) Reasonable rate of return.--A reasonable rate 
                of return on unreturned capital shall equal 150 percent 
                (or such higher rate as is established in regulations) 
                of the highest applicable Federal rate, as determined 
                under section 1274(d)(1), at the beginning of the 
                partnership's taxable year.
            ``(3) Regulations.--The Secretary shall prescribe such 
        regulations as may be necessary to carry out the purposes of 
        this subsection.''.
    (c) Effective Date.--The amendments made by this section shall 
apply with respect to services performed in taxable years beginning 
after December 31, 2004.

SEC. 5. REPEAL OF ABILITY TO ELECT LARGE PARTNERSHIP REPORTING RULES.

    (a) In General.--Paragraph (2) of section 775(a) of the Internal 
Revenue Code of 1986 (relating to election) is amended by adding at the 
end the following: ``No election under this subsection shall be made 
after December 31, 2004.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to partnership taxable years beginning after December 31, 2004.

Answer: State Business Law Conformity Act of 2004 - Amends the Internal Revenue Code to: (1) revise certain partnership tax definitions and rules relating to general and limited partners; (2) exclude from net earnings from self-employment partnership income attributable to capital; and (3) repeal, after 2004, the election to apply large partnership (100 partners or more) tax rules.


Question: 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 the 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 
(2 U.S.C. 631 et seq.) 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.''.

Answer:
Dollar-for-Dollar Deficit Reduction Act  This bill requires the Department of the Treasury to issue a debt limit warning to Congress if Treasury determines that the United States will reach the statutory debt limit within 60 days. The warning must include a determination of when extraordinary measures may be necessary to prolong the funding of the U.S. government in the absence of a debt limit increase.  Any formal Presidential request to increase the debt limit must include: (1) the amount of the proposed increase, and (2) proposed legislation to reduce spending over the sum of the current and following 10 years by at least the amount of the requested increase.  The bill amends the Congressional Budget Act of 1974 to create a point of order in the House and Senate against legislation increasing the debt limit, unless the legislation reduces spending over the sum of the current and following 10 years by at least the amount of the increase.