This bill adds a new section (3101B) to title 31 of the U.S. Code to change how the debt ceiling suspension is handled when the Treasury says more borrowing will be needed. The Secretary of the Treasury must send a written certification to Congress 60 to 46 days before the end of a suspension (with a shorter 10-day transitional rule when the Act first takes effect) saying how long the suspension should last, up to 2 years. Congress then has a 45-calendar-day window to consider a narrowly written joint resolution that can only disapprove the Treasury action. If Congress does not pass that disapproval within 45 days, the debt limit suspension continues until the date the Secretary set in the certification.
The bill defines the exact form of the joint resolution, limits when and why the Treasury may issue additional obligations during the extension (only to meet commitments already incurred and not to build extra cash reserves), and sets rules for how the House and Senate must fast-track consideration. House committees must report the resolution within 5 days or be discharged; the House must consider a motion to proceed within 6 days and limit debate to 2 hours. The Senate must place the resolution on its calendar immediately, allow a motion to proceed during the 45-day window, and limit consideration and related debate to a total of 10 hours. The bill also adds a requirement that materials under 31 U.S.C. 1105(a)(10) include, as a percent of GDP, estimates of debt held by the public and debt held by the public net of financial assets.
No publicly available information on direct costs or budgetary estimates is included in the bill text provided.
The bill's stated purpose is "to provide a process for ensuring the United States does not default on its obligations." The text shows supporters seek a fast, specific congressional review of Treasury certifications so suspensions can continue unless Congress explicitly disapproves.
No publicly available information.