H.R. 10078 — Dollar-for-Dollar Deficit Reduction Act

This section establishes a debt limit warning process under new section 3101B of title 31. It requires the Secretary of the Treasury to notify the Senate Finance and House Ways and Means Committees upon determining that the debt limit will be reached within 60 days even after extraordinary measures. Any formal presidential request to raise the debt limit must propose legislation reducing non-interest spending over the current and following 10 fiscal years by at least the requested increase amount, calculated against the section 257 baseline that excludes emergency spending extrapolations.

This section establishes points of order in the Senate and House against considering any bill, joint resolution, amendment, motion, or conference report that increases the statutory debt limit unless it contains net spending reductions equal to or greater than the increase over the current and next 10 fiscal years. It also bars consideration of measures that suspend the debt limit unless they contain net spending reductions equal to or greater than the projected debt increase during the suspension period, as calculated by the Congressional Budget Office. Net interest savings and timing shifts may not count toward required reductions, cost estimates must be publicly available for at least 24 hours before a vote, and Senate waivers require a three-fifths vote.