H.R. 3775: Pay Down the Debt Act of 2015

114th Congress · introduced 2015-10-20 · Economics and Public Finance · Latest: Referred to the Committee on the Budget, and in addition to the Committee on Rules, 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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Follow this bill, step by step

Where it came from: introduced 2015-10-20 · official record
Who proposed it: Rep. Peters, Scott H. [D-CA-52] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Committee on the Budget, and in addition to the Committee on Rules, 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. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Pay Down the Debt Act of 2015

Plain summary

Pay Down the Debt Act of 2015 This bill amends the Congressional Budget Act of 1974 to establish a legislative process to stabilize the debt using the prior year's ratio of debt held by the public to the estimated gross domestic product (GDP) as a target. The Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) must report annually on whether the target will be exceeded in any of the five ensuing fiscal years. If the OMB reports that the target will be exceeded in any year between FY2017-FY2025, the President's budget for that year must include legislative recommendations to achieve the target. If the CBO reports that the target will be exceeded in any year between FY2017-FY2025: the congressional budget resolution for that year must include reconciliation instructions directing congressional committees to recommend legislation to achieve the target, or any Member of Congress may introduce a bill to reach the target, to be considered using expedited legislative procedures if Congress has not agreed to a budget resolution by June 15th that meets the requirements. If debt stabilization legislation is required, Congress may not consider legislation increasing mandatory budget authority or decreasing revenues until the debt legislation has been agreed to and sent to the President. The requirements imposed by this bill are suspended if: (1) the Department of the Treasury estimates that real GDP for a year will grow by less than 1% compared to the prior year, or (2) a joint resolution is enacted stating that the debt stabilization legislation would cause or exacerbate an economic downturn.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Pay Down the Debt Act of 2015

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Peters, Scott H. [D-CA-52] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Rep. Peters, Scott H. [D-CA-52] reported raising $2.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (5)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
CBO cost estimate: The Congressional Budget Office's estimate of how a federal bill would change government spending and revenue. CBO is nonpartisan.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Joint resolution: In Texas, the type of measure the Legislature uses to propose a constitutional amendment (marked HJR or SJR). The governor does not sign or veto it; the voters decide. In Congress a joint resolution can also be used like a bill. In Florida, a joint resolution passed by three-fifths of the members of each chamber puts a constitutional amendment on the ballot.
Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr3775.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr3775 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114