“A bill to provide a process for ensuring the United States does not default on its obligations.”
No CRS summary available for this bill.
This section establishes a process for suspending the statutory debt limit (31 U.S.C. 3101B) and amends the debt limit provision to incorporate such suspensions (31 U.S.C. 3101(b)). Not earlier than 60 days and not later than 46 days before the end of a current suspension, if the Secretary of the Treasury certifies to Congress the need for further borrowing to meet commitments, the certification specifies a suspension period ending no later than two years after the current suspension's end. If Congress does not enact a narrowly defined joint resolution disapproving the certification within 45 calendar days of receipt—under expedited House procedures requiring committee report or discharge within five calendar days, motion to proceed by day six, and consideration as read with all points of order waived—the debt limit is suspended for the certified period, after which it increases to reflect only necessary obligations issued during suspension (prohibiting issuance to build cash reserves above normal operating balances). Enactment of a disapproval resolution ends the proposed suspension as otherwise provided by law.