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Bill > HR233

US HR233

US HR233
To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased.

summary

Introduced
01/14/2013
In Committee
01/14/2013
Crossed Over
Passed
Dead
01/03/2015

Introduced Session

113th Congress

Bill Summary

Authorizes an extension of the presidential authority to modify the public debt ceiling (subject to enactment of a congressional joint resolution of disapproval). Authorizes the Secretary of the Treasury to borrow an additional amount estimated to be sufficient to meet commitments for one year whenever the President certifies to Congress that the public debt subject to limit is within $100 billion of the $16.394 trillion limit and that further borrowing is required to meet existing commitments. Prohibits the debt limit from being raised if, within 50 calendar days after Congress receives that certification, a joint resolution is enacted disapproving the President's exercise of authority with respect to such additional amount. Applies current requirements for expedited consideration of the joint resolution in both houses, with certain exceptions including: the September 14, 2011, termination of the period making it in order in the Senate to consider such a joint resolution; the authorized $400 billion increase in the public debt allowed even though Congress overrides the President's veto of the joint resolution; and the required sequestration ($400 billion reduction in spending) if the President signs the joint resolution, allows it to become law without his signature, or Congress overrides a veto of it.

AI Summary

This bill proposes to create a new process for increasing the national debt ceiling, which is the maximum amount of money the U.S. government is allowed to borrow. Currently, Congress must vote to raise this limit. Under this bill, if the President determines that the national debt is within $100 billion of the current limit and that more borrowing is needed to meet existing obligations, the President can authorize the Secretary of the Treasury to borrow an additional amount estimated to be enough for one year. However, this authority is subject to a congressional review period of 50 days. During this time, Congress can pass a joint resolution of disapproval, which would prevent the debt limit from being raised. The bill outlines specific requirements for such a joint resolution and generally follows existing rules for expedited congressional consideration, with some modifications. If Congress successfully passes a joint resolution of disapproval, or if the President signs it into law, there are provisions for spending reductions, known as sequestration.

Committee Categories

Budget and Finance

Sponsors (24)

Last Action

Referred to House Rules (on 01/14/2013)
(1 Companion Bills)

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