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Bill > HR3953

US HR3953

US HR3953
Debt Ceiling Reform Act

summary

Introduced
06/09/2023
In Committee
06/09/2023
Crossed Over
Passed
Dead
01/03/2025

Introduced Session

118th Congress

Bill Summary

A BILL To amend chapter 31 of title 31, United States Code, to provide procedures for congressional disapproval of the issuance of additional debt.

AI Summary

This bill, the Debt Ceiling Reform Act, amends the existing federal debt limit law to provide new procedures for congressional disapproval of additional debt issuance. Specifically, it requires the Treasury Secretary to submit a certification to Congress whenever the debt is within $100 billion of a $1 trillion increment, at which point Congress has 30 days to pass a joint resolution disapproving the additional debt. The bill also establishes expedited procedures in both the House and Senate for considering such joint resolutions. Additionally, the bill repeals an expired provision related to the debt ceiling and makes technical and conforming amendments to other laws.

Committee Categories

Budget and Finance

Sponsors (56)

Brendan Boyle (D)*,  Alma Adams (D),  Becca Balint (D),  Nanette Barragán (D),  Earl Blumenauer (D),  Julia Brownley (D),  André Carson (D),  Troy Carter (D),  Judy Chu (D),  Emanuel Cleaver (D),  Steve Cohen (D),  Gerry Connolly (D),  Angie Craig (D),  Jasmine Crockett (D),  Danny Davis (D),  Chris Deluzio (D),  Anna Eshoo (D),  Dwight Evans (D),  Lizzie Fletcher (D),  Valerie Foushee (D),  Maxwell Frost (D),  Chuy García (D),  Dan Goldman (D),  Jimmy Gomez (D),  Raúl Grijalva (D),  Jim Himes (D),  Glenn Ivey (D),  Sheila Jackson-Lee (D),  Pramila Jayapal (D),  Hank Johnson (D),  Andy Kim (D),  Greg Landsman (D),  John Larson (D),  Barbara Lee (D),  Zoe Lofgren (D),  Betty McCollum (D),  Jim McGovern (D),  Kevin Mullin (D),  Jerry Nadler (D),  Donald Norcross (D),  Eleanor Holmes Norton (D),  Ilhan Omar (D),  Donald Payne (D),  Nancy Pelosi (D),  Jamie Raskin (D),  Dutch Ruppersberger (D),  Jan Schakowsky (D),  Brad Sherman (D),  Melanie Stansbury (D),  Marilyn Strickland (D),  Rashida Tlaib (D),  Jill Tokuda (D),  Norma Torres (D),  Bonnie Watson Coleman (D),  Jennifer Wexton (D),  Nikema Williams (D), 

Last Action

Referred to the Committee on Ways and Means, 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. (on 06/09/2023)

Bill Topics

Government Operations
  • ‐ Legislative Branch Operations and Rules
Macroeconomics
  • ‐ National Budget and Debt
(2 Companion Bills)

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Document Type Source Location Created
State Bill Page https://www.congress.gov/bill/118th-congress/house-bill/3953/all-info 06/10/2023
BillText https://www.congress.gov/118/bills/hr3953/BILLS-118hr3953ih.pdf 06/29/2023
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