PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Sep 23, 2021
Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2021 or the Protect Our CREDIT Act of 2021
This bill allows the President to increase the statutory debt limit unless a joint resolution of disapproval is passed by Congress and becomes law.
Prior to the beginning of each fiscal year, the President must submit to Congress a certification that specifies the existing debt, the debt limit, and the debt that will be necessary to issue during the next year to meet existing commitments. The debt limit is increased by the proposed amount, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law. Congress must consider the joint resolution using specified expedited legislative procedures.
Showing the opening paragraphs of the official summary.
The President must submit an additional certification to Congress during the year if the debt is within $250 billion of the limit, and further borrowing is necessary to meet existing commitments. The certification must propose a new debt limit for the remainder of the year and explain any discrepancy with the earlier certification. The new debt limit also goes into effect, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law.
The bill suspends the debt limit during the period in which Congress is considering a joint resolution of disapproval after the President has submitted a mid-year certification.
People & committees
Sen. Merkley, Jeff [D-OR] · D–OR
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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