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HB1289
The Dollar-for-Dollar Deficit Reduction Act is a federal bill aimed at reducing the deficit by requiring any increase in the debt ceiling to be offset by an equal amount of spending cuts. This bill seeks to promote fiscal responsibility by linking any additional borrowing authority to corresponding reductions in government spending, thereby ensuring that the national debt does not increase without corresponding budget cuts. If passed, this legislation could have a significant impact on the federal budgeting process and may lead to more stringent measures being taken to control government spending and reduce deficits.
2023-03-01: Introduced in House
2023-03-01: Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and 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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