Bill > S1713

Introduced Session

U.S.A. AAA Credit Restoration Act - Directs the Secretary of the Treasury, on the same day the President submits an annual budget proposal to Congress, to submit to Congress a message on the public debt limit. Requires the Secretary to: (1) include an estimate of the amount that the public debt limit will need to be increased, if necessary, for the next year based on estimates of federal revenues and mandatory and discretionary expenditures; and (2) publish in the Federal Register the amount of the debt limit necessary to accommodate such requirements. Allows the proposed debt limit increase to become law unless Congress disapproves. Sets forth an expedited process for congressional consideration of a joint resolution to disapprove of the Secretary's exercise of authority to increase the debt limit (thereby replacing the current procedure for increasing the debt limit under the congressional budget process).

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Barbara Boxer (D)*, 

Read twice and referred to the Committee on Finance. (on 10/13/2011)

Official Document