H.R. 319: To amend the Congressional Budget Act of 1974 to provide for an expedited process for increasing the statutory ...

...limit on the public debt.

113th Congress, 2013–2015. Text as of Jan 18, 2013 (Introduced).

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

I

113th CONGRESS

1st Session

H. R. 319

IN THE HOUSE OF REPRESENTATIVES

January 18, 2013

introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Rules and the Budget, 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 the Congressional Budget Act of 1974 to provide for an expedited process for increasing the statutory limit on the public debt.

1.

Debt increase as measure of deficit

(a)

Content for the concurrent resolution on the budget

Section 301(a) of the Congressional Budget Act of 1974 is amended—

(1)

in paragraph (6), by striking ; and and inserting a semicolon;

(2)

in paragraph (7), by striking the period at the end and inserting ; and; and

(3)

by inserting after paragraph (7) the following new paragraph:

(8)

a heading entitled Debt Increase as Measure of Deficit which sets forth the amounts by which the public debt limit (in section 3101(b) of title 31 of the United States Code) shall increase in each of such years.

.

(b)

Conforming amendment

Section 301(b) of the Congressional Budget Act of 1974 is amended by striking paragraph (5) and redesignating the succeeding paragraphs accordingly.

2.

Consideration of debt subject to limit

(a)

Consideration

Section 305(a) of the Congressional Budget Act of 1974 is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph:

(7)

Upon passage in the House of Representative of the conference report on any concurrent resolution on the budget, it shall be immediately in order to consider a privileged bill offered by the chairman of the Committee on the Budget amending the debt subject to limit (in section 3101 of title 31 of the United States Code) at the level proposed under the heading Debt Increase as a Measure of Deficit for the fiscal year of the concurrent resolution on the budget. Debate on the bill shall be limited to not more than 1 hour. The bill shall not be amendable and a motion to commit shall not be in order.

.

(b)

Consideration

Section 305 of the Congressional Budget Act of 1974 is amended by inserting at the end the following new subsection:

(e)

Action on debt subject to limit

(1)

Except as provided in paragraph (2), the provisions of this section for the consideration of the conference report on any concurrent resolution shall also apply to the consideration in the Senate of a bill passed by the House of Representatives pursuant to subsection (a)(7).

(2)

It shall not be in order in the Senate to consider a bill pursuant to paragraph (1) before the passage of the conference report on the concurrent resolution on the budget for the fiscal year of the concurrent resolution on the budget.

.

3.

Increase of debt subject to limit

Section 3101(b) of title 31, United States Code, is amended by striking the dollar limitation contained therein and inserting $17,072,810,000,000.