This bill changes how the federal debt limit can be increased and sets rules for how debt-reduction plans are considered in Congress. If Congress adopts a concurrent budget resolution that meets a set "required ratio," the House Clerk prepares a short joint resolution that increases the statutory debt limit to the amount in that budget resolution. That joint resolution is treated as passed by both Houses and sent on for enrollment.
If Congress does not adopt a qualifying budget resolution by a set deadline (the "covered date"), the President may send a written notification to Congress that he is increasing the debt limit and include a debt reduction proposal written in legislative text. The President’s increase generally takes effect 30 days after the notification unless Congress passes a joint resolution of disapproval during that 30-day period. The bill sets fast-track rules for how a joint resolution of disapproval is introduced and considered in both the House and Senate.
The bill defines the "required ratio" as a plan that reduces by at least 5 percentage points the projected ratio of debt held by the public to GDP in the tenth fiscal year after the current fiscal year. It also specifies how to calculate the dollar amount of a debt-limit increase (using CBO or OMB baseline estimates) and adds detailed, expedited procedures for how the President’s debt reduction proposal and alternative debt-reduction bills are to be scored, referred, reported, and considered in both Houses.
No publicly available information on estimated costs or savings is contained in the bill text. The bill says the Office of Management and Budget and the Congressional Budget Office will provide estimates used to calculate required increases and to score proposals.
No publicly available information.
No publicly available information.