H.R. 4634 — Debt Ceiling Reform Act

This section establishes a new process under 31 U.S.C. §3101B for the Secretary of the Treasury to suspend the statutory debt limit (i.e., the cap on outstanding Treasury obligations and certain guaranteed obligations under 31 U.S.C. §3101(b)) by submitting a certification to Congress, 60 to 46 days before the end of a prior suspension, specifying a suspension period ending no later than two years after that prior suspension's end date. (1) If Congress does not enact a specified disapproval joint resolution within 45 calendar days of receiving the certification, the suspension takes effect 46 days after receipt and continues until the certified end date, with the debt limit then increased only to cover face value of necessary obligations issued during the period (excluding cash reserve buildup). (2) If such a joint resolution is enacted within the 45-day period, the suspension ends as otherwise provided by law. The section further provides for expedited House consideration of disapproval resolutions, including committee report or discharge within five calendar days of introduction, a non-debatable motion to proceed on the sixth day, and consideration of the resolution as read with all points of order waived.