To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased.
Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, 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.
Congressional Research Service
Official summary
Version 00 · Introduced in House · Jan 14, 2013
Authorizes an extension of the presidential authority to modify the public debt ceiling (subject to enactment of a congressional joint resolution of disapproval).
Authorizes the Secretary of the Treasury to borrow an additional amount estimated to be sufficient to meet commitments for one year whenever the President certifies to Congress that the public debt subject to limit is within $100 billion of the $16.394 trillion limit and that further borrowing is required to meet existing commitments.
Prohibits the debt limit from being raised if, within 50 calendar days after Congress receives that certification, a joint resolution is enacted disapproving the President's exercise of authority with respect to such additional amount.
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Applies current requirements for expedited consideration of the joint resolution in both houses, with certain exceptions including:
the September 14, 2011, termination of the period making it in order in the Senate to consider such a joint resolution;
the authorized $400 billion increase in the public debt allowed even though Congress overrides the President's veto of the joint resolution; and
the required sequestration ($400 billion reduction in spending) if the President signs the joint resolution, allows it to become law without his signature, or Congress overrides a veto of it.
Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, 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.
Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, 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.
Introduced in House
Introduced in House
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Bill text & related measures
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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