Dollar-for-Dollar Deficit Reduction Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4173 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4173 To require that any debt limit increase or suspension be balanced by equal spending cuts over the next decade. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 24, 2026 Mr. Barrasso (for himself and Ms. Lummis) introduced the following bill; which was read twice and referred to the Committee on the Budget _______________________________________________________________________ A BILL To require that any debt limit increase or suspension be balanced by equal spending cuts over the next decade. 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 ``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