Bill > S1882

This bill, the Debt Ceiling Reform Act, amends chapter 31 of title 31 of the United States Code to provide procedures for congressional disapproval of the issuance of additional federal debt. The key provisions include: 1) requiring the Secretary of the Treasury to submit a written certification to Congress when the debt is within $100 billion of a $1 trillion increment, triggering the ability to issue additional debt; 2) allowing Congress to pass a joint resolution disapproving the Secretary's exercise of authority to issue additional debt within 30 calendar days of receiving the certification; and 3) establishing expedited procedures for the consideration of such joint resolutions in both the House of Representatives and the Senate. The bill also repeals an expired provision related to the federal debt limit and makes technical and conforming amendments to related laws.