Bill > HR4634

This bill provides a new process for managing the United States debt ceiling to prevent potential government default. Under this legislation, the Secretary of the Treasury can submit a certification to Congress proposing a suspension of the debt limit for up to two years. Once this certification is submitted, Congress has 45 calendar days to introduce and potentially pass a joint resolution disapproving the suspension. If no disapproval resolution is passed within that timeframe, the debt limit is automatically suspended for the period specified by the Treasury Secretary. The bill establishes expedited procedures for considering such a joint resolution in both the House of Representatives and the Senate, including specific rules about debate, voting, and procedural considerations. The legislation also requires additional reporting requirements, mandating that the President's budget include estimates of public debt as a percentage of gross domestic product. The goal is to create a more structured and predictable process for addressing the debt ceiling, reducing the potential for last-minute political brinkmanship that could risk a government default. The bill would be known as the "Debt Ceiling Reform Act" and provides a framework for managing the nation's borrowing capacity with greater transparency and congressional oversight.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4634/all-info