The bill creates a process for suspending the federal debt limit when the Treasury Secretary determines that more borrowing will be needed to meet existing commitments. The Secretary would notify Congress and set an end date for the suspension, no more than two years beyond the otherwise applicable end date. Congress would have 45 days to pass a joint resolution disapproving the suspension. If it does not, the suspension would take effect for the period specified. The bill limits which obligations can count toward a later debt-limit increase and bars the Treasury from building up cash reserves during the suspension. It also requires budget information to estimate public debt, and public debt net of financial assets, as a share of gross domestic product.
The bill changes how Congress can review a Treasury request to suspend the debt limit. The text does not describe direct effects on individuals.
The bill does not specify expenses.
No publicly available information.
No publicly available information.