Debt Ceiling Reform: New Procedures for Debt Approval
The Act amends chapter 31 of the United States Code to provide procedures for congressional disapproval of the issuance of additional debt. The President is required to submit a certification when the debt approaches a specific threshold and borrowing is needed to meet existing commitments. Unless Congress enacts a joint resolution of disapproval within 50 days, the United States may issue additional debt.
Key points
The President must submit a certification to Congress when the debt is within $100 billion of a specific increment.
The United States may issue additional debt after certification unless Congress enacts a resolution of disapproval.
Congress has 50 calendar days to enact a joint resolution disapproving the President's request.
The Act establishes expedited legislative procedures in the House and Senate for considering the disapproval resolution.
Status:
Expired
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