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WASHINGTON, D.C. – Today, U.S. Senators John Barrasso and Cynthia Lummis, both R-Wyo., introduced legislation to rein in out-of-control Washington spending. The Dollar-for-Dollar Deficit Reduction Act requires any increase or suspension of the debt limit to be balanced by equal or greater spending cuts over the next 10 years.

“Democrats have used their reckless tax and spend process to add more money to our nation’s debt. We cannot continue to burden future generations with debt and interest for spending they’ll never see,” said Senator Barrasso. “Governing responsibly begins with budgeting responsibly. This legislation will help stop the Democrats’ out-of-control spending spree and put us back onto the path of financial stability.”

“During record inflation, people throughout Wyoming are having to make hard decisions with their budgets. It’s time for Washington to do the same,” said Senator Lummis. “I’m proud to join my friend Senator Barrasso in introducing the Dollar-for-Dollar Deficit Reduction Act to get our nation’s spending under control.”

The Dollar-for-Dollar Deficit Reduction Act specifically:

• Requires the Secretary of the Treasury to provide a warning to the Ways and Means and Senate Finance Committees on when the Secretary expects that we are 60 days from reaching the debt limit, absent the implementation of extraordinary measures.

• Requires the White House to submit savings recommendations from the president equal to the amount of the proposed debt limit increase.

• Lastly, in both chambers of Congress, it would not be in order to consider any bill, resolution, amendment, motion, or conference report that increases the statutory debt limit unless the bill contains net spending reductions over a 10-year period equal to the amount of the debt limit increase.

Representative Randy Feenstra (R-IA-4) has introduced companion legislation in the U.S. House of Representatives.

Full text of the legislation can be found here.