Bill > S57

This bill, titled the U.S.A. AAA Credit Restoration Act, aims to establish a more timely and efficient process for Congress to vote on the statutory debt limit, which is the maximum amount of money the U.S. government is allowed to borrow. Specifically, it amends Title 31 of the United States Code to require the Secretary of the Treasury to submit a message to Congress on the same day the President submits the budget, estimating any necessary increase to the public debt limit for the upcoming year. This message would also be published in the Federal Register. Following this publication, a specific congressional disapproval process would be triggered, allowing for expedited consideration of a joint resolution to reject the Secretary's proposed debt limit increase. This process includes strict timelines for committee action, discharge petitions, and floor debate in both the House of Representatives and the Senate, with the goal of preventing amendments to such a joint resolution and ensuring a swift vote. The bill also includes provisions for reconvening Congress if necessary and coordinating action between the two chambers. The changes made by this bill would take effect on January 1, 2014.