S.4173

Dollar-for-Dollar Deficit Reduction Act requires equal spending cuts for any debt limit increase or suspension.

The Dollar-for-Dollar Deficit Reduction Act mandates that any increase or suspension of the debt limit must be balanced by equal spending cuts over the next decade. It requires the President to propose spending reductions equal to or greater than the requested debt limit increase. The Congressional Budget Office must calculate the spending reductions against a specific budget baseline. The act also stipulates that the Senate and House cannot vote on debt limit increases unless the Congressional Budget Office's cost estimate has been available for 24 hours.