What This Bill Does
This bill creates a new process that allows the President to increase the debt ceiling (the legal limit on how much money the U.S. government can borrow) without requiring Congress to pass a separate bill. Instead, Congress would have 15 legislative days to pass a disapproval resolution (a formal vote saying "no") to block the increase. If Congress does not pass a disapproval resolution within that time, the debt ceiling automatically increases.
##
Who It Affects
The President, Congress (both the House of Representatives and Senate), and by extension, all Americans who depend on government programs and services funded through borrowing.
##
Key Provisions
- The President must submit a written certification to Congress each year before the fiscal year begins, stating how much additional money the government needs to borrow to meet existing commitments (Sec. 2(b)(1))
- If during the year the government's debt gets within $250,000,000,000 of the debt limit and the President determines more borrowing is necessary, the President must submit another certification to Congress with an explanation of the difference from the annual submission (Sec. 2(b)(2))
- If Congress does not pass a disapproval resolution within 15 legislative days of receiving the President's certification, the debt ceiling automatically increases by the amount specified in the certification (Sec. 2(b)(3))
- If Congress passes a disapproval resolution within 15 legislative days, the debt ceiling does not increase by that amount, and instead increases only by the amount of obligations actually issued during the 15-day period that were necessary to pay for commitments requiring payment during that period (Sec. 2(b)(4) and 2(c)(2))
- The House of Representatives must report any disapproval resolution out of committee within 5 calendar days of introduction, and can move to consider the resolution no later than the sixth day after introduction (Sec. 2(d)(1) and 2(d)(2))
- The Senate must immediately place any disapproval resolution on its calendar and can move to consider it beginning the day after Congress receives the President's certification through the sixth day after the resolution is introduced (Sec. 2(e)(1) and 2(e)(2))
##
What Changes
A new section called "Additional Presidential modification of the debt ceiling" is added to federal law. This creates a fast-track process where the debt ceiling can increase automatically unless Congress votes to disapprove it within a strict timeframe. The current process, which requires Congress to affirmatively pass legislation to raise the debt ceiling, changes to one where Congress must actively block an increase instead.
##
Important Definitions
- **Joint resolution**: A formal legislative proposal defined by this bill as having no preamble (introduction), a specific title about disapproving the President's debt ceiling increase, and specific required language, and must be introduced within 3 legislative days of Congress receiving the President's certification (Sec. 2(a))
- **Existing commitments**: Not explicitly defined in the bill text
##
Effective Date
Not specified in bill text
II
118TH CONGRESS
1ST SESSION
S. 212
To provide a process for ensuring the United States does not default on
its obligations.
IN THE SENATE OF THE UNITED STATES
FEBRUARY 1, 2023
Mr. MERKLEY (for himself, Mr. KAINE, Mrs. FEINSTEIN, and Mr. COONS) in-
troduced the following bill; which was read twice and referred to the Com-
mittee on Finance
A BILL
To provide a process for ensuring the United States does
not default on its obligations.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Protect Our Citizens
4
from Reckless Extortion of our Debt and Irresponsible
5
Tactics Act of 2023’’ or the ‘‘Protect Our CREDIT Act
6
of 2023’’.
7
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
2
•S 212 IS
SEC. 2. ADDITIONAL PRESIDENTIAL MODIFICATION OF THE
1
DEBT CEILING.
2
(a) IN GENERAL.—Subchapter I of chapter 31 of
3
subtitle III of title 31, United States Code, is amended—
4
(1) in section 3101(b), by inserting ‘‘or 3101B’’
5
after ‘‘section 3101A’’; and
6
(2) by inserting after section 3101A the fol-
7
lowing:
8
‘‘§ 3101B. Additional Presidential modification of the
9
debt ceiling
10
‘‘(a) DEFINITION.—In this section, the term ‘joint
11
resolution’ means only a joint resolution—
12
‘‘(1) that is introduced during the period—
13
‘‘(A) beginning on the date a certification
14
described in paragraph (1) or (2) of subsection
15
(b) is received by Congress; and
16
‘‘(B) ending on the date that is 3 legisla-
17
tive days (excluding any day on which it is not
18
in order to introduce resolutions) after the date
19
described in subparagraph (A);
20
‘‘(2) which does not have a preamble;
21
‘‘(3) the title of which is only as follows: ‘Joint
22
resolution relating to the disapproval of the Presi-
23
dent’s exercise of authority to increase the debt
24
limit, as submitted under section 3101B of title 31,
25
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
3
•S 212 IS
United States Code, on llllll’ (with the
1
blank containing the date of such submission); and
2
‘‘(4) the matter after the resolving clause of
3
which is only as follows: ‘That Congress disapproves
4
of the President’s exercise of authority to increase
5
the debt limit, as exercised pursuant to the certifi-
6
cation submitted under section 3101B(b) of title 31,
7
United States Code, on llllll.’ (with the
8
blank containing the date of such submission).
9
‘‘(b) SUBMISSIONS TO CONGRESS.—
10
‘‘(1) ANNUAL SUBMISSION.—Before the begin-
11
ning of each fiscal year, the President shall submit
12
to Congress a written certification specifying the
13
amount of obligations that are subject to limit under
14
section 3101(b), in addition to the amount of such
15
obligations authorized to be outstanding on the date
16
of the certification, that the President determines it
17
shall be necessary to issue during the next fiscal
18
year to meet existing commitments.
19
‘‘(2) SUBMISSION DURING FISCAL YEAR.—If the
20
President determines during a fiscal year that the
21
debt subject to limit under section 3101(b) is within
22
$250,000,000,000 of such limit and that further
23
borrowing is necessary to meet existing commit-
24
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
4
•S 212 IS
ments, the President shall submit to Congress a
1
written certification—
2
‘‘(A) specifying the amount of obligations
3
that are subject to limit under section 3101(b),
4
in addition to the amount of such obligations
5
authorized to be outstanding on the date of the
6
certification, that the President determines it
7
shall be necessary to issue during the fiscal year
8
to meet existing commitments; and
9
‘‘(B) containing the reason for any discrep-
10
ancy from the certification submitted under
11
paragraph (1) for the fiscal year.
12
‘‘(3) EFFECT
OF
FAILURE
TO
ENACT
DIS-
13
APPROVAL.—If a joint resolution is not enacted with
14
respect to a certification under paragraph (1) or (2)
15
during the 15-legislative-day period beginning on the
16
date on which Congress receives the certification, the
17
limit under section 3101(b) is increased by the
18
amount specified in the certification.
19
‘‘(4)
EFFECT
OF
ENACTMENT
OF
DIS-
20
APPROVAL.—If a joint resolution is enacted with re-
21
spect to a certification under paragraph (1) or (2)
22
during the 15-legislative-day period beginning on the
23
date on which Congress receives the certification, the
24
limit under section 3101(b)—
25
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
5
•S 212 IS
‘‘(A) shall not be increased by the amount
1
specified in the certification; and
2
‘‘(B) shall be increased in accordance with
3
subsection (c)(2).
4
‘‘(c) SUSPENSION FOR MID-YEAR CERTIFICATION.—
5
‘‘(1) IN GENERAL.—Section 3101(b) shall not
6
apply for the period—
7
‘‘(A) beginning on the date on which the
8
President submits to Congress a certification
9
under subsection (b)(2); and
10
‘‘(B) ending on the earlier of—
11
‘‘(i) the date that is 15 legislative
12
days after Congress receives the certifi-
13
cation; or
14
‘‘(ii) the date of enactment of a joint
15
resolution with respect to the certification.
16
‘‘(2) SPECIAL RULE RELATING TO OBLIGATIONS
17
ISSUED DURING SUSPENSION PERIOD.—
18
‘‘(A) IN GENERAL.—If a joint resolution is
19
enacted with respect to a certification under
20
subsection (b)(2), effective on the day after
21
such date of enactment, the limitation in sec-
22
tion 3101(b) is increased to the extent that—
23
‘‘(i) the face amount of obligations
24
issued under this chapter and the face
25
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
6
•S 212 IS
amount of obligations whose principal and
1
interest are guaranteed by the United
2
States Government (except guaranteed ob-
3
ligations held by the Secretary of the
4
Treasury) outstanding on the calendar day
5
after such date of enactment, exceeds
6
‘‘(ii) the face amount of such obliga-
7
tions outstanding on the date on which the
8
President submits the certification.
9
‘‘(B) LIMITATION.—An obligation shall not
10
be taken into account under subparagraph (A)
11
unless the issuance of such obligation was nec-
12
essary to fund a commitment incurred by the
13
Federal Government that required payment
14
during the 15-legislative-day period described in
15
paragraph (1)(B)(i).
16
‘‘(d) EXPEDITED CONSIDERATION
IN HOUSE
OF
17
REPRESENTATIVES.—
18
‘‘(1) REPORTING AND DISCHARGE.—Any com-
19
mittee of the House of Representatives to which a
20
joint resolution is referred shall report it to the
21
House of Representatives without amendment not
22
later than 5 calendar days after the date of intro-
23
duction of the joint resolution. If a committee fails
24
to report the joint resolution within that period, the
25
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
7
•S 212 IS
committee shall be discharged from further consider-
1
ation of the joint resolution and the joint resolution
2
shall be referred to the appropriate calendar.
3
‘‘(2) PROCEEDING TO CONSIDERATION.—After
4
each committee authorized to consider a joint resolu-
5
tion reports it to the House of Representatives or
6
has been discharged from its consideration, it shall
7
be in order, not later than the sixth day after intro-
8
duction of the joint resolution, to move to proceed
9
to consider the joint resolution in the House of Rep-
10
resentatives. All points of order against the motion
11
are waived. Such a motion shall not be in order after
12
the House of Representatives has disposed of a mo-
13
tion to proceed on a joint resolution addressing a
14
particular submission. The previous question shall be
15
considered as ordered on the motion to its adoption
16
without intervening motion. The motion shall not be
17
debatable. A motion to reconsider the vote by which
18
the motion is disposed of shall not be in order.
19
‘‘(3) CONSIDERATION.—The joint resolution
20
shall be considered as read. All points of order
21
against the joint resolution and against its consider-
22
ation are waived. The previous question shall be con-
23
sidered as ordered on the joint resolution to its pas-
24
sage without intervening motion except 2 hours of
25
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
8
•S 212 IS
debate equally divided and controlled by the pro-
1
ponent and an opponent. An amendment to the joint
2
resolution or a motion to reconsider the vote on pas-
3
sage of the joint resolution shall not be in order.
4
‘‘(e) EXPEDITED PROCEDURE IN SENATE.—
5
‘‘(1) PLACEMENT ON CALENDAR.—Upon intro-
6
duction in the Senate, a joint resolution shall be im-
7
mediately placed on the calendar.
8
‘‘(2) FLOOR CONSIDERATION.—
9
‘‘(A) IN GENERAL.—Notwithstanding rule
10
XXII of the Standing Rules of the Senate, it is
11
in order at any time during the period begin-
12
ning on the day after the date on which Con-
13
gress receives a certification under paragraph
14
(1) or (2) of subsection (b) and ending on the
15
sixth day after the date of introduction of a
16
joint resolution (even though a previous motion
17
to the same effect has been disagreed to) to
18
move to proceed to the consideration of the
19
joint resolution, and all points of order against
20
the joint resolution (and against consideration
21
of the joint resolution) are waived. The motion
22
to proceed is not debatable. The motion is not
23
subject to a motion to postpone. A motion to
24
reconsider the vote by which the motion is
25
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
9
•S 212 IS
agreed to or disagreed to shall not be in order.
1
If a motion to proceed to the consideration of
2
the resolution is agreed to, the joint resolution
3
shall remain the unfinished business until dis-
4
posed of.
5
‘‘(B) CONSIDERATION.—Consideration of
6
the joint resolution, and on all debatable mo-
7
tions and appeals in connection therewith, shall
8
be limited to not more than 10 hours, which
9
shall be divided equally between the majority
10
and minority leaders or their designees. A mo-
11
tion further to limit debate is in order and not
12
debatable. An amendment to, or a motion to
13
postpone, or a motion to proceed to the consid-
14
eration of other business, or a motion to recom-
15
mit the joint resolution is not in order.
16
‘‘(C) VOTE ON PASSAGE.—If the Senate
17
has voted to proceed to a joint resolution, the
18
vote on passage of the joint resolution shall
19
occur immediately following the conclusion of
20
consideration of the joint resolution, and a sin-
21
gle quorum call at the conclusion of the debate
22
if requested in accordance with the rules of the
23
Senate.
24
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
10
•S 212 IS
‘‘(D) RULINGS OF THE CHAIR ON PROCE-
1
DURE.—Appeals from the decisions of the Chair
2
relating to the application of the rules of the
3
Senate, as the case may be, to the procedure re-
4
lating to a joint resolution shall be decided
5
without debate.
6
‘‘(f) COORDINATION
WITH
ACTION
BY
OTHER
7
HOUSE.—
8
‘‘(1) IN GENERAL.—If, before passing the joint
9
resolution, one House receives from the other a joint
10
resolution—
11
‘‘(A) the joint resolution of the other
12
House shall not be referred to a committee; and
13
‘‘(B) the procedure in the receiving House
14
shall be the same as if no joint resolution had
15
been received from the other House, except that
16
the vote on final passage shall be on the joint
17
resolution of the other House.
18
‘‘(2) TREATMENT
OF
JOINT
RESOLUTION
OF
19
OTHER HOUSE.—If the Senate fails to introduce or
20
consider a joint resolution under this section, the
21
joint resolution of the House shall be entitled to ex-
22
pedited floor procedures under this section.
23
‘‘(3) TREATMENT OF COMPANION MEASURES.—
24
If, following passage of the joint resolution in the
25
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
11
•S 212 IS
Senate, the Senate receives the companion measure
1
from the House of Representatives, the companion
2
measure shall not be debatable.
3
‘‘(4) CONSIDERATION AFTER PASSAGE.—
4
‘‘(A) IN GENERAL.—If Congress passes a
5
joint resolution, the period beginning on the
6
date the President is presented with the joint
7
resolution and ending on the date the President
8
signs, allows to become law without his signa-
9
ture, or vetoes and returns the joint resolution
10
(but excluding days when either House is not in
11
session) shall be disregarded in computing the
12
legislative day period described in paragraphs
13
(3) and (4) of subsection (b) and subsection
14
(c)(1).
15
‘‘(B) DEBATE.—Debate on a veto message
16
in the Senate under this section shall be 1 hour
17
equally divided between the majority and minor-
18
ity leaders or their designees.
19
‘‘(5) VETO OVERRIDE.—If within the legislative
20
day period described in paragraphs (3) and (4) of
21
subsection (b) and subsection (c)(1), Congress over-
22
rides a veto of a joint resolution, except as provided
23
in subsection (c)(2), the limit on debt provided in
24
VerDate Sep 11 2014
05:16 Feb 11, 2023
Jkt 039200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\S212.IS
S212
pbinns on DSKJLVW7X2PROD with $$_JOB
12
•S 212 IS
section 3101(b) shall not be raised under this sec-
1
tion.
2
‘‘(g) RULES OF HOUSE OF REPRESENTATIVES AND
3
SENATE.—Subsections (a), (d), (e), and (f) (except for
4
paragraphs (4)(A) and (5) of such subsection) are enacted
5
by Congress—
6
‘‘(1) as an exercise of the rulemaking power of
7
the Senate and House of Representatives, respec-
8
tively, and as such it is deemed a part of the rules
9
of each House, respectively, but applicable only with
10
respect to the procedure to be followed in that
11
House in the case of a joint resolution, and it super-
12
sedes other rules only to the extent that it is incon-
13
sistent with such rules;
[Text truncated for display. Full text available on Congress.gov.]