Dollar-for-Dollar Deficit Reduction Act

This bill creates rules saying that any time Congress votes to raise or pause the limit on how much the government can borrow, it must also cut spending by at least the same amount. Those spending cuts can be spread out over the current year and the next 10 years. The bill also requires the Department of the Treasury to warn certain congressional committees when the government is close to hitting the borrowing limit, and it requires the president to suggest specific spending cuts whenever asking Congress to raise the limit. If a bill to raise the borrowing limit does not include enough spending cuts, members of Congress can object and block it from moving forward.

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