summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
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).
AI Summary
This bill, the U.S.A. AAA Credit Restoration Act, would change how the public debt limit is handled by requiring the Secretary of the Treasury to submit a message to Congress on the same day the President submits the annual budget proposal, estimating any necessary increase to the debt limit based on projected federal revenues and expenditures. This proposed increase would then be published in the Federal Register, and it would automatically become law unless Congress passes a joint resolution to disapprove it through an expedited process in both the House of Representatives and the Senate, which includes strict timelines for committee action and floor consideration, aiming to replace the current, more complex congressional budget process for debt limit adjustments.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 10/13/2011)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/senate-bill/1713/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-112s1713is/pdf/BILLS-112s1713is.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112s1713is/pdf/BILLS-112s1713is.pdf.pdf |
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