Debt Ceiling Reform Act

I 118TH CONGRESS 1ST SESSION H. R. 3953 To amend chapter 31 of title 31, United States Code, to provide procedures for congressional disapproval of the issuance of additional debt. IN THE HOUSE OF REPRESENTATIVES JUNE 9, 2023 Mr. BOYLE of Pennsylvania (for himself, Ms. BARRAGA´N, Ms. LEE of Cali- fornia, Mr. DAVIS of Illinois, Ms. SCHAKOWSKY, Mr. LARSON of Con- necticut, Ms. WILLIAMS of Georgia, Mr. CARTER of Louisiana, Ms. TLAIB, Mr. LANDSMAN, Ms. MCCOLLUM, Ms. LOFGREN, Mr. GOMEZ, Mr. DELUZIO, Mr. HIMES, Mr. FROST, Mr. SHERMAN, Ms. BROWNLEY, Mr. CONNOLLY, Mr. IVEY, Mr. RUPPERSBERGER, Ms. NORTON, Ms. JACKSON LEE, Mr. NADLER, Mr. MULLIN, Mr. KIM of New Jersey, Mrs. WATSON COLEMAN, Mrs. TORRES of California, Mr. COHEN, Mrs. FLETCHER, Mr. NORCROSS, Mr. MCGOVERN, Ms. JAYAPAL, Ms. STRICKLAND, Mr. BLU- MENAUER, Mr. CLEAVER, Ms. OMAR, Ms. ADAMS, Ms. WEXTON, Mrs. FOUSHEE, Ms. CHU, Mr. CARSON, Mr. GRIJALVA, Ms. PELOSI, Mr. EVANS, Mr. PAYNE, Mr. GARCI´A of Illinois, and Mr. JOHNSON of Geor- gia) introduced the following bill; which was 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 com- mittee concerned A BILL To amend chapter 31 of title 31, United States Code, to provide procedures for congressional disapproval of the issuance of additional debt. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3953 IH SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Debt Ceiling Reform 2 Act’’. 3 SEC. 2. PROCEDURES FOR CONGRESSIONAL DISAPPROVAL 4 OF ISSUANCE OF ADDITIONAL DEBT. 5 Section 3101 of title 31, United States Code, is 6 amended to read as follows: 7 ‘‘§ 3101. Public debt limit 8 ‘‘(a) DEFINITION OF JOINT RESOLUTION.—In this 9 section, the term ‘joint resolution’ means a joint resolu- 10 tion— 11 ‘‘(1) that is introduced during the period— 12 ‘‘(A) beginning on the date on which a cer- 13 tification under subsection (b)(1) is received; 14 and 15 ‘‘(B) ending on the date that is 3 calendar 16 days after the date described in subparagraph 17 (A) (or, if a House was not in session, the next 18 calendar day on which that House is in ses- 19 sion); 20 ‘‘(2) which does not have a preamble; 21 ‘‘(3) the title of which is only as follows: ‘Joint 22 resolution relating to the disapproval of the Sec- 23 retary of the Treasury’s exercise of authority to 24 issue additional debt, as submitted under section 25 3101 of title 31, United States Code, on 26 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3953 IH llllll’ (with the blank space being filled in 1 with the date on which the applicable certification 2 under subsection (b)(1) was received); and 3 ‘‘(4) the matter after the resolving clause of 4 which is only as follows: ‘That Congress disapproves 5 of the Secretary of the Treasury’s exercise of the au- 6 thority to issue additional debt, as exercised pursu- 7 ant to the certification under section 3101(b) of title 8 31, United States Code.’. 9 ‘‘(b) CERTIFICATION.— 10 ‘‘(1) IN GENERAL.—The Secretary of the 11 Treasury shall submit to Congress a written certifi- 12 cation whenever the Secretary of the Treasury deter- 13 mines that the debt is within $100,000,000,000 of 14 a $1,000,000,000,000 increment and that further 15 borrowing is required to meet existing commitments. 16 ‘‘(2) AUTHORITY TO ISSUE DEBT AFTER CER- 17 TIFICATION.—Subject to the requirements of this 18 section, the United States may issue additional debt 19 as necessary to meet existing commitments on and 20 after the date on which the Secretary of the Treas- 21 ury submits a written certification to Congress 22 under paragraph (1). 23 ‘‘(3) RESOLUTION OF DISAPPROVAL.—Congress 24 may consider a joint resolution relating to each cer- 25 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 3953 IH tification submitted by the Secretary of the Treasury 1 under paragraph (1). 2 ‘‘(c) ENACTMENT OF JOINT RESOLUTION.—The 3 United States may not issue additional debt if, not later 4 than 30 calendar days after the date on which Congress 5 receives a certification submitted under subsection (b)(1) 6 (regardless of whether Congress is in session), there is en- 7 acted into law a joint resolution disapproving the Sec- 8 retary of the Treasury’s exercise of authority to issue addi- 9 tional debt. 10 ‘‘(d) EXPEDITED CONSIDERATION IN THE HOUSE OF 11 REPRESENTATIVES.— 12 ‘‘(1) RECONVENING.—Upon receipt of a certifi- 13 cation submitted under subsection (b)(1), the Speak- 14 er, if the House of Representatives would otherwise 15 be adjourned, shall notify the Members of the House 16 of Representatives that, pursuant to this section, the 17 House of Representatives shall convene not later 18 than the second calendar day after receipt of such 19 certification. 20 ‘‘(2) REPORTING AND DISCHARGE.—Any com- 21 mittee of the House of Representatives to which a 22 joint resolution is referred shall report it to the 23 House of Representatives without amendment not 24 later than 5 calendar days after the date of intro- 25 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 3953 IH duction of the joint resolution. If a committee fails 1 to report the joint resolution within that period, the 2 committee shall be discharged from further consider- 3 ation of the joint resolution and the joint resolution 4 shall be referred to the appropriate calendar. 5 ‘‘(3) PROCEEDING TO CONSIDERATION.—After 6 each committee authorized to consider a joint resolu- 7 tion reports it to the House of Representatives or 8 has been discharged from its consideration, it shall 9 be in order, not later than the sixth day after intro- 10 duction of the joint resolution, to move to proceed 11 to consider the joint resolution in the House of Rep- 12 resentatives. All points of order against the motion 13 are waived. Such a motion shall not be in order with 14 respect to a joint resolution relating to a certifi- 15 cation after the House of Representatives has dis- 16 posed of a motion to proceed that joint resolution. 17 The previous question shall be considered as ordered 18 on the motion to its adoption without intervening 19 motion. The motion shall not be debatable. A motion 20 to reconsider the vote by which the motion is dis- 21 posed of shall not be in order. 22 ‘‘(4) CONSIDERATION.—A joint resolution shall 23 be considered as read. All points of order against a 24 joint resolution and against its consideration are 25 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 6 •HR 3953 IH waived. An amendment to a joint resolution is not 1 in order. The previous question shall be considered 2 as ordered on a joint resolution to its passage with- 3 out intervening motion except 2 hours of debate 4 equally divided and controlled by the proponent and 5 an opponent. A motion to reconsider the vote on 6 passage of a joint resolution shall not be in order. 7 ‘‘(e) EXPEDITED PROCEDURE IN THE SENATE.— 8 ‘‘(1) RECONVENING.—Upon receipt of a certifi- 9 cation under subsection (b)(1), if the Senate has ad- 10 journed or recessed for more than 2 days, the major- 11 ity leader of the Senate, after consultation with the 12 minority leader of the Senate, shall notify the Mem- 13 bers of the Senate that, pursuant to this section, the 14 Senate shall convene not later than the second cal- 15 endar day after receipt of such message. 16 ‘‘(2) PLACEMENT ON CALENDAR.—Upon intro- 17 duction in the Senate, a joint resolution shall be im- 18 mediately placed on the calendar. 19 ‘‘(3) FLOOR CONSIDERATION.— 20 ‘‘(A) IN GENERAL.—Notwithstanding rule 21 XXII of the Standing Rules of the Senate, it is 22 in order at any time during the period begin- 23 ning on the day after the date on which Con- 24 gress receives a certification under subsection 25 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 7 •HR 3953 IH (b)(1) and ending on the 6th day after the date 1 on which Congress receives the certification 2 (even though a previous motion to the same ef- 3 fect has been disagreed to) to move to proceed 4 to the consideration of a joint resolution relat- 5 ing to the certification, and all points of order 6 against the joint resolution (and against consid- 7 eration of the joint resolution) are waived. The 8 motion to proceed is not debatable. The motion 9 is not subject to a motion to postpone. A mo- 10 tion to reconsider the vote by which the motion 11 is agreed to or disagreed to shall not be in 12 order. If a motion to proceed to the consider- 13 ation of a joint resolution is agreed to, the joint 14 resolution shall remain the unfinished business 15 until disposed of. 16 ‘‘(B) CONSIDERATION.—Consideration of a 17 joint resolution, and on all debatable motions 18 and appeals in connection therewith, shall be 19 limited to not more than 10 hours, which shall 20 be divided equally between the majority and mi- 21 nority leaders or their designees. A motion fur- 22 ther to limit debate is in order and not debat- 23 able. An amendment to a joint resolution, a mo- 24 tion to postpone, or a motion to proceed to the 25 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 8 •HR 3953 IH consideration of other business, or a motion to 1 recommit a joint resolution is not in order. 2 ‘‘(C) VOTE ON PASSAGE.—If the Senate 3 has voted to proceed to a joint resolution, the 4 vote on passage of the joint resolution shall 5 occur immediately following the conclusion of 6 consideration of the joint resolution, and a sin- 7 gle quorum call at the conclusion of the debate 8 if requested in accordance with the rules of the 9 Senate. 10 ‘‘(D) RULINGS OF THE CHAIR ON PROCE- 11 DURE.—Appeals from the decisions of the Chair 12 relating to the application of the rules of the 13 Senate, as the case may be, to the procedure re- 14 lating to a joint resolution shall be decided 15 without debate. 16 ‘‘(f) COORDINATION WITH ACTION BY OTHER 17 HOUSE.— 18 ‘‘(1) IN GENERAL.—If, before passing a joint 19 resolution relating to a certification under subsection 20 (b)(1), one House receives from the other a joint 21 resolution relating to the same certification— 22 ‘‘(A) the joint resolution of the other 23 House shall not be referred to a committee; and 24 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 9 •HR 3953 IH ‘‘(B) the procedure in the receiving House 1 shall be the same as if no joint resolution had 2 been received from the other House until the 3 vote on passage, when the joint resolution re- 4 ceived from the other House shall supplant the 5 joint resolution of the receiving House. 6 ‘‘(2) TREATMENT OF JOINT RESOLUTION OF 7 OTHER HOUSE.—If the Senate fails to introduce or 8 consider a joint resolution under this section relating 9 to a certification under subsection (b)(1), the joint 10 resolution of the House relating to the same certifi- 11 cation shall be entitled to expedited floor procedures 12 under this section. 13 ‘‘(3) TREATMENT OF COMPANION MEASURES.— 14 If, following passage of a joint resolution in the Sen- 15 ate, the Senate receives the companion measure 16 from the House of Representatives, the companion 17 measure shall not be debatable. 18 ‘‘(4) CONSIDERATION AFTER PASSAGE.— 19 ‘‘(A) IN GENERAL.—If Congress passes a 20 joint resolution, the period beginning on the 21 date the President is presented with the joint 22 resolution and ending on the date the President 23 signs, allows to become law without his signa- 24 ture, or vetoes and returns the joint resolution 25 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 10 •HR 3953 IH (but excluding days when either House is not in 1 session) shall be disregarded in computing the 2 calendar day period described in subsection (c). 3 ‘‘(B) VETO MESSAGE.—Debate on a veto 4 message in the Senate under this section shall 5 be 1 hour equally divided between the majority 6 and minority leaders or their designees. 7 ‘‘(5) VETO OVERRIDE.—If, within the calendar 8 day period described in subsection (c), Congress 9 overrides a veto of a joint resolution relating to a 10 certification submitted under subsection (b)(1), the 11 United States may not issue any additional debt 12 under this chapter. 13 ‘‘(g) RULES OF HOUSE OF REPRESENTATIVES AND 14 SENATE.—This subsection and subsections (a), (d), (e), 15 and (f) are enacted by Congress— 16 ‘‘(1) as an exercise of the rulemaking power of 17 the Senate and House of Representatives, respec- 18 tively, and as such are deemed a part of the rules 19 of each House, respectively, but applicable only with 20 respect to the procedure to be followed in that 21 House in the case of a joint resolution, and they su- 22 persede other rules only to the extent that they are 23 inconsistent with such rules; and 24 VerDate Sep 11 2014 22:56 Jun 28, 2023 Jkt 039200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H3953.IH H3953 kjohnson on DSK79L0C42PROD with BILLS 11 •HR 3953 IH ‘‘(2) with full recognition of the constitutional 1 right of either House to change the rules (so far as 2 relating to the procedure of that House) at any time, 3 in the same manner, and to the same extent as in 4 the case of any other rule of that House. 5 ‘‘(h) DEBT DEFINED.— 6 ‘‘(1) IN GENERAL.—For purposes of this sec- 7 tion, the term ‘debt’ means the face amount of obli- 8 gations issued under this chapter and the face 9 amount of obligations whose principal and interest 10 are guaranteed by the United States Government 11 (except guaranteed obligations held by the Secretary 12 of the Treasury). 13 ‘‘(2) DETERMINATION OF FACE AMOUNT.— 14 ‘‘(A) IN GENERAL.—For purposes of this 15 section, the current redemption value of an obli- 16 gation issued on a discount basis and redeem- 1 [Text truncated for display. 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