Sen. Rob Portman has introduced legislation requiring that any raise in the debt limit be offset by dollar-for-dollar cuts over a ten-year window. This plan, known as the Boehner Rule, was a key factor in 2011 debt limit negotiations.
According to Portman, “the bill would reduce spending by nearly $2 trillion over the next decade, reduce spending below 20 percent of gross domestic product (GDP) by 2024 and reduce the deficit to just over 1 percent of GDP by 2024.”
While there is ample reason to distrust the idea of more spending now for cuts down the road, this step is a valuable one in the right direction of getting the most out of the current system.