Bill > S1598

This bill, titled the "Pay Our Bills Act," establishes a new process for the President to modify the debt ceiling, which is the maximum amount of money the United States government is allowed to borrow. Currently, the debt ceiling is set by law, and Congress must vote to raise it to prevent the government from defaulting on its financial obligations. Under this bill, if the President determines that the national debt is nearing the current limit and that additional borrowing is necessary to meet existing commitments, the President can submit a written certification to Congress. This certification would specify the amount of additional borrowing required. Unless Congress passes a joint resolution of disapproval within 15 days, the Secretary of the Treasury would be authorized to borrow the specified amount, effectively increasing the debt limit. The bill also outlines expedited procedures for Congress to consider such a joint resolution of disapproval in both the House of Representatives and the Senate, including strict timelines and limitations on debate and amendments. The intent is to provide a mechanism to avoid a government default while still allowing Congress an opportunity to object.