H.R. 233: To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which ...

...the debt ceiling is increased.

113th Congress, 2013–2015. Text as of Jan 14, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

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113th CONGRESS

1st Session

H. R. 233

IN THE HOUSE OF REPRESENTATIVES

January 14, 2013

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 committee concerned

A BILL

To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased.

1.

Extension of presidential modification of the debt ceiling

(a)

In general

Chapter 31 of title 31, United States Code, is amended by inserting after sec tion 3101A the following new section:

3101B.

Extension of presidential modification of the debt ceiling

(a)

Extension of debt limit

Whenever the President submits a written certification to Congress that the President has determined that the debt subject to limit is within $100,000,000,000 of the limit in section 3101(b) and that further borrowing is required to meet existing commitments, the Secretary of the Treasury may exercise authority to borrow an additional amount that the Secretary estimates is sufficient to meet commitments for one year, subject to the enactment of a joint resolution of disapproval enacted pursuant to this section. The written certification shall also contain the amount that the Secretary so estimates is sufficient.

(b)

Joint resolution of disapproval

(1)

In general

The debt limit may not be raised under this section if, within 50 calendar days after the date on which Congress receives a certification described in subsection (a), there is enacted into law a joint resolution disapproving the President’s exercise of authority with respect to such additional amount.

(2)

Contents of joint resolution

For the purpose of this section, the term joint resolution means only a joint resolution—

(A)

for the certification described in subsection (a);

(B)

which does not have a preamble;

(C)

the title of which is only as follows: Joint resolution relating to the disapproval of the President’s exercise of authority to increase the debt limit by $________, as submitted under section 3101B of title 31, United States Code, on ______ (with the first blank containing the amount of such proposed increase and the second blank containing the date of such submission); and

(D)

the matter after the resolving clause of which is only as follows: That Congress disapproves of the President’s exercise of authority to increase the debt limit, as exercised pursuant to the certification under section 3101B(a) of title 31, United States Code..

(c)

Expedited consideration; amendment not in order; coordination with action by other House

The provisions of subsections (c), (d), (e), and (f) of section 3101A shall apply to any joint resolution of disapproval under this section, except that—

(1)

the date set forth in section (d)(3) of such section;

(2)

the exception for the $400,000,000,000 increase described in subsection (f)(5) of such section; and

(3)

subsection (f)(6);

shall be inapplicable.

.

(b)

Rules of the House of Representatives and Senate

Section 3101A(g) is amended by inserting and subsections (b) and (c) of section 3101B before are enacted by Congress.

(c)

Conforming amendment

The table of sections for chapter 31 of title 31, United States Code, is amended by inserting after the item relating to section 3101A the following new item:

3101B. Extension of presidential modification of the debt ceiling.

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