Federal Debt Emergency Control Act of 2021
- Last Action
- 6/9/2021
Actions
- 2021-06-09Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S4019-4020)
- 2021-06-09Introduced in Senate
CRS Summary
As of 2021-06-09 (00)
Federal Debt Emergency Control Act of 2021
This bill establishes various budget enforcement procedures to address the federal debt.
The procedures established by the bill take effect during any fiscal year that follows a fiscal year in which the amount of federal debt exceeded the gross domestic product (GDP) for that fiscal year.
During such a period, the bill
- rescinds unobligated balances of stimulus spending that was provided in specified bills that addressed the impact of COVID-19,
- establishes a point of order against legislation that increases spending, and
- requires Congress to consider certain deficit reduction measures using specified expedited legislative procedures.
The expedited legislative procedures must be used for legislation that (1) would reduce the deficit by at least 5% during the 10-fiscal-year period following the current fiscal year, and (2) does not increase the rate of any federal tax or increase any fee paid to the federal government.
Cosponsors (9)
- Ted Cruz (R-TX)
- Mike Braun (R-IN)
- John Barrasso (R-WY)
- Joni Ernst (R-IA)
- Marsha Blackburn (R-TN)
- Tommy Tuberville (R-AL)
- Ron Johnson (R-WI)
- Cynthia Lummis (R-WY)
- James Lankford (R-OK)
Subjects
- Budget deficits and national debt
- Budget process
- Cardiovascular and respiratory health
- Emergency medical services and trauma care
- Executive agency funding and structure
- Infectious and parasitic diseases
- Legislative rules and procedure
- Senate
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.