117th CONGRESS 2d Session |
To amend chapter 31 of title 31 of the United States Code and title IV of the Congressional Budget Act of 1974 to automatically suspend the debt limit for the fiscal year of a budget resolution.
Mr. Arrington (for himself, Mr. Peters, Mr. Huizenga, and Ms. Bourdeaux) introduced the following bill; which was referred to the Committee on Rules, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
To amend chapter 31 of title 31 of the United States Code and title IV of the Congressional Budget Act of 1974 to automatically suspend the debt limit for the fiscal year of a budget resolution.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the Responsible Budgeting Act .
SEC. 2. Presidential request to suspend the debt limit.
(a) In general. Title 31, United States Code, is amended by striking section 3101A and inserting the following:
3101A. Modification of statutory limit on the public debt
(a) In general. Upon adoption by Congress of a concurrent resolution on the budget under section 301 or 304 of the Congressional Budget Act of 1974 (2 U.S.C. 632, 634) that satisfies the required ratio, as determined by the Congressional Budget Office, the Clerk of the House of Representatives shall prepare an engrossment of a joint resolution in the form prescribed in subsection (b) suspending the statutory limit on the public debt until the last day of the fiscal year of that concurrent resolution. Upon engrossment of the joint resolution, the vote by which the concurrent resolution on the budget was adopted by the House of Representatives shall also be considered as a vote on passage of the joint resolution in the House of Representatives, and the joint resolution shall be considered as passed by the House of Representatives and duly certified and examined. The engrossed copy shall be signed by the Clerk of the House of Representatives and transmitted to the Senate. Upon receipt of the House of Representatives joint resolution in the Senate, the vote by which the concurrent resolution on the budget was adopted in the Senate shall also be considered as a vote on passage of the joint resolution in the Senate, and the joint resolution shall be considered as passed by the Senate, duly certified and examined, and transmitted to the House of Representatives for enrollment.
(b) Form of joint resolution. The form of the joint resolution described in this subsection is a joint resolution
(1) which does not have a preamble;
(2) the title of which is only as follows: Joint resolution suspending the debt limit, as prepared under section 3101A of title 31, United States Code, on ______ (with the blank containing the date on which the joint resolution is prepared); and
(3) the matter after the resolving clause which is only as follows: Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of enactment and ending on September 30, ____. (with the blank being filled with the fiscal year of the concurrent resolution on the budget).
(c) Increase of debt limit. Effective on the date on which the authority of a joint resolution described in subsection (b) terminates, the limitation in effect under section 3101(b) shall be increased to the extent that
(1) the face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on such date, exceeds
(2) the face amount of such obligations outstanding on the date the debt limit was last in effect.
(d) Restoring Congressional Authority Over the National Debt.
(1) EXTENSION LIMITED TO NECESSARY OBLIGATIONS. An obligation shall not be taken into account under subsection (c)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before the date on which the authorization of the joint resolution described in subsection (b) terminates.
(2) PROHIBITION ON CREATION OF CASH RESERVE DURING EXTENSION PERIOD. The Secretary of the Treasury shall not issue obligations during the period specified in the matter after the resolving clause of a joint resolution, as described in subsection (b)(3), for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.
(e) Rule of construction. Nothing in this section shall be construed as limiting or otherwise affecting
(1) the power of the House of Representatives or the Senate to consider and pass bills or joint resolutions, without regard to the procedures under subsection (a), that would change the statutory limit on the public debt; or
(2) the rights of Members, Delegates, the Resident Commissioner, or committees with respect to the introduction, consideration, and reporting of such bills or joint resolutions.
(f) Definitions. In this section and section 3101B
(1) the term required ratio means the ratio that reduces by not less than 5 percentage points the projected ratio under current law of debt held by the public to Gross Domestic Product in the tenth fiscal year after the current fiscal year; and
(2) the term statutory limit on the public debt means the maximum face amount of obligations issued under authority of this chapter and obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), as determined under section 3101(b) after the application of section 3101(a), that may be outstanding at any one time.
3101B. Presidential modification of the debt ceiling
(1) WRITTEN NOTIFICATION. If, for a fiscal year, Congress does not adopt a concurrent resolution on the budget that satisfies the required ratio by the covered date, the President may submit a written notification to Congress, including a debt reduction proposal with legislative language that satisfies the required ratio, that the President is suspending the statutory limit on the public debt subject to limit in section 3101(b) and that further borrowing is required to meet existing commitments.
(A) IN GENERAL. Subject to subparagraph (C), upon the submission of a written notification by the President under paragraph (1), including a debt reduction proposal comprised of legislative text that the Director of the Office of Management and Budget has determined satisfies the required ratio, the statutory limit on the public debt shall be suspended until the end of the fiscal year beginning in the calendar year in which the President submits a request.
(B) EFFECTIVE DATE. Except as provided in subparagraph (C), a suspension of the statutory limit on the public debt under subparagraph (A) shall take effect on the date that is 30 calendar days after the date on which the written notification is submitted by the President under paragraph (1).
(C) LIMITATION ON AUTHORITY. The statutory limit on the public debt shall not be suspended under this paragraph if, during the 30-calendar-day period beginning on the date on which Congress receives a notification under this paragraph, Congress enacts into law a joint resolution of disapproval in accordance with subsection (b).
(3) COVERED DATE DEFINED. For purposes of paragraph (1), the term covered date means the earlier of
(A) April 15 of the calendar year in which the fiscal year of the applicable concurrent resolution on the budget begins; or
(B) 60 days before the date on which the statutory limit on the public debt will be reached, as described in the congressional notification submitted by the Secretary of the Treasury.
(4) INCREASE OF DEBT LIMIT. Effective on the date the debt limit extension pursuant to the written notification under paragraph (1) terminates, the limitation in effect under section 3101(b) shall be increased to the extent that
(A) the face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on such date, exceeds
(B) the face amount of such obligations outstanding on the date the debt limit was last in effect.
(5) RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL DEBT.
(A) EXTENSION LIMITED TO NECESSARY OBLIGATIONS. An obligation shall not be taken into account under paragraph (4)(A) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before the date on which the debt limit extension pursuant to the written notification under paragraph (1) terminates.
(B) PROHIBITION ON CREATION OF CASH RESERVE DURING EXTENSION PERIOD. The Secretary of the Treasury shall not issue obligations during the period beginning on the effective date described in paragraph (2)(B) and ending on the last day of the fiscal year described in paragraph (2)(A) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.
(b) Joint resolution of disapproval.
(1) IN GENERAL. If a joint resolution of disapproval has not been enacted by the end of the 30-calendar-day period beginning on the date on which the presidential notification to which the joint resolution relates was received by Congress under subsection (a), the statutory limit on public debt shall be suspended as specified in the presidential notification.
(2) CONTENTS OF JOINT RESOLUTION. For the purpose of this section, the term joint resolution means only a joint resolution
(A) that is introduced between the date the written notification is received and 3 calendar days after that date (or if the House of Representatives or Senate is not in session, the next calendar date in which it is in session);
(B) which does not have a preamble;
(C) the title of which is only as follows: Joint resolution relating to the disapproval of the President s exercise of authority to suspend the debt limit, as submitted under section 3101B(a) of title 31, United States Code, on ______ (with the blank containing the date of such submission); and
(D) the matter after the resolving clause of which is only as follows: That Congress disapproves of the President s exercise of authority to suspend the debt limit, as exercised pursuant to the written notification under section 3101B(a) of title 31, United States Code. .
(c) Expedited consideration in the House of Representatives.
(1) RECONVENING. Upon receipt of a written notification described in subsection (a)(1), the Speaker of the House of Representatives, if the House of Representatives would otherwise be adjourned, shall notify the Members of the House of Representatives that, pursuant to this section, the House of Representatives shall convene not later than the second calendar day after receipt of such written notification.
(2) REPORTING AND DISCHARGE. A joint resolution introduced under paragraph (1) shall be referred to the Committ