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New Rules for Raising US Debt Limit: Ensuring Financial Stability.

This bill establishes a new, faster process for increasing the federal debt limit to prevent economic crises and government default. The change aims to protect citizens' financial stability, savings, and markets by removing the risk associated with political disputes over the national debt. The President can raise the limit unless Congress quickly disapproves through a strictly defined procedure.
Key points
The President gains the authority to raise the debt limit, ensuring the continuous funding of government obligations (like Social Security and salaries).
Congress has 15 days to block the President's decision, but the procedure is expedited and limits obstruction, minimizing the risk of default.
The goal is to avoid economic shocks that could harm savings, job markets, and the cost of credit for everyday Americans.
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Expired
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Additional Information
Print number: 118_S_212
Sponsor: Sen. Merkley, Jeff [D-OR]
Process start date: 2023-02-01
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protect Our CREDIT Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_212.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-01.

What are the main provisions?

Key points include:

  • The President gains the authority to raise the debt limit, ensuring the continuous funding of government obligations (like Social Security and salaries).
  • Congress has 15 days to block the President's decision, but the procedure is expedited and limits obstruction, minimizing the risk of default.
  • The goal is to avoid economic shocks that could harm savings, job markets, and the cost of credit for everyday Americans.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Merkley, Jeff [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy