Bill > S2405

This bill introduces a new process for managing the United States debt ceiling, designed to provide more flexibility and congressional oversight while preventing potential government default. The legislation creates a mechanism where the Secretary of the Treasury can propose a suspension of the debt limit for up to two years by submitting a written certification to Congress. After this submission, Congress has 45 calendar days to potentially disapprove the suspension through a specific type of joint resolution with strict formatting requirements. If Congress does not pass a disapproval resolution within that timeframe, the debt limit is automatically suspended for the period specified by the Treasury Secretary. The bill includes detailed expedited procedures for how such a joint resolution would be considered in both the House of Representatives and the Senate, ensuring a swift and structured review process. Additionally, the legislation requires that any obligations issued during the suspension period must be necessary to fund existing legal commitments and prohibits creating extra cash reserves. The bill also mandates that the President's budget include additional information about national debt as a percentage of gross domestic product, providing more transparency about the country's financial obligations.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/2405/all-info