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).''.
<all>
Introduced in House
Introduced in House
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.
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.
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