[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2819 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 2819
To provide a process for ensuring the United States does not default on
its obligations.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 23, 2021
Mr. Merkley (for himself and Mr. Kaine) introduced the following bill;
which was read twice and referred to the Committee 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 Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Protect Our Citizens from Reckless
Extortion of our Debt and Irresponsible Tactics Act of 2021'' or the
``Protect Our CREDIT Act of 2021''.
SEC. 2. ADDITIONAL PRESIDENTIAL MODIFICATION OF THE DEBT CEILING.
(a) In General.--Subchapter I of chapter 31 of subtitle III of
title 31, United States Code, is amended--
(1) in section 3101(b), by inserting ``or 3101B'' after
``section 3101A''; and
(2) by inserting after section 3101A the following:
``Sec. 3101B. Additional Presidential modification of the debt ceiling
``(a) Definition.--In this section, the term `joint resolution'
means only a joint resolution--
``(1) that is introduced during the period--
``(A) beginning on the date a certification
described in paragraph (1) or (2) of subsection (b) is
received by Congress; and
``(B) ending on the date that is 3 legislative days
(excluding any day on which it is not in order to
introduce resolutions) after the date described in
subparagraph (A);
``(2) which does not have a preamble;
``(3) 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, as submitted
under section 3101B of title 31, United States Code, on ______'
(with the blank containing the date of such submission); and
``(4) 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 submitted under section 3101B(b)
of title 31, United States Code, on ______.' (with the blank
containing the date of such submission).
``(b) Submissions to Congress.--
``(1) Annual submission.--Before the beginning of each
fiscal year, the President shall submit to Congress a written
certification specifying the amount of obligations that are
subject to limit under section 3101(b), in addition to the
amount of such obligations authorized to be outstanding on the
date of the certification, that the President determines it
shall be necessary to issue during the next fiscal year to meet
existing commitments.
``(2) Submission during fiscal year.--If the President
determines during a fiscal year that the debt subject to limit
under section 3101(b) is within $250,000,000,000 of such limit
and that further borrowing is necessary to meet existing
commitments, the President shall submit to Congress a written
certification--
``(A) specifying the amount of obligations that are
subject to limit under section 3101(b), in addition to
the amount of such obligations authorized to be
outstanding on the date of the certification, that the
President determines it shall be necessary to issue
during the fiscal year to meet existing commitments;
and
``(B) containing the reason for any discrepancy
from the certification submitted under paragraph (1)
for the fiscal year.
``(3) Effect of failure to enact disapproval.--If a joint
resolution is not enacted with respect to a certification under
paragraph (1) or (2) during the 15-legislative-day period
beginning on the date on which Congress receives the
certification, the limit under section 3101(b) is increased by
the amount specified in the certification.
``(4) Effect of enactment of disapproval.--If a joint
resolution is enacted with respect to a certification under
paragraph (1) or (2) during the 15-legislative-day period
beginning on the date on which Congress receives the
certification, the limit under section 3101(b)--
``(A) shall not be increased by the amount
specified in the certification; and
``(B) shall be increased in accordance with
subsection (c)(2).
``(c) Suspension for Mid-Year Certification.--
``(1) In general.--Section 3101(b) shall not apply for the
period--
``(A) beginning on the date on which the President
submits to Congress a certification under subsection
(b)(2); and
``(B) ending on the earlier of--
``(i) the date that is 15 legislative days
after Congress receives the certification; or
``(ii) the date of enactment of a joint
resolution with respect to the certification.
``(2) Special rule relating to obligations issued during
suspension period.--
``(A) In general.--If a joint resolution is enacted
with respect to a certification under subsection
(b)(2), effective on the day after such date of
enactment, the limitation in section 3101(b) is
increased to the extent that--
``(i) the face amount of obligations issued
under this chapter and the face amount of
obligations whose principal and interest are
guaranteed by the United States Government
(except guaranteed obligations held by the
Secretary of the Treasury) outstanding on the
calendar day after such date of enactment,
exceeds
``(ii) the face amount of such obligations
outstanding on the date on which the President
submits the certification.
``(B) Limitation.--An obligation shall not be taken
into account under subparagraph (A) unless the issuance
of such obligation was necessary to fund a commitment
incurred by the Federal Government that required
payment during the 15-legislative-day period described
in paragraph (1)(B)(i).
``(d) Expedited Consideration in House of Representatives.--
``(1) Reporting and discharge.--Any committee of the House
of Representatives to which a joint resolution is referred
shall report it to the House of Representatives without
amendment not later than 5 calendar days after the date of
introduction of the joint resolution. If a committee fails to
report the joint resolution within that period, the committee
shall be discharged from further consideration of the joint
resolution and the joint resolution shall be referred to the
appropriate calendar.
``(2) Proceeding to consideration.--After each committee
authorized to consider a joint resolution reports it to the
House of Representatives or has been discharged from its
consideration, it shall be in order, not later than the sixth
day after introduction of the joint resolution, to move to
proceed to consider the joint resolution in the House of
Representatives. All points of order against the motion are
waived. Such a motion shall not be in order after the House of
Representatives has disposed of a motion to proceed on a joint
resolution addressing a particular submission. The previous
question shall be considered as ordered on the motion to its
adoption without intervening motion. The motion shall not be
debatable. A motion to reconsider the vote by which the motion
is disposed of shall not be in order.
``(3) Consideration.--The joint resolution shall be
considered as read. All points of order against the joint
resolution and against its consideration are waived. The
previous question shall be considered as ordered on the joint
resolution to its passage without intervening motion except 2
hours of debate equally divided and controlled by the proponent
and an opponent. An amendment to the joint resolution or a
motion to reconsider the vote on passage of the joint
resolution shall not be in order.
``(e) Expedited Procedure in Senate.--
``(1) Placement on calendar.--Upon introduction in the
Senate, a joint resolution shall be immediately placed on the
calendar.
``(2) Floor consideration.--
``(A) In general.--Notwithstanding rule XXII of the
Standing Rules of the Senate, it is in order at any
time during the period beginning on the day after the
date on which Congress receives a certification under
paragraph (1) or (2) of subsection (b) and ending on
the sixth day after the date of introduction of a joint
resolution (even though a previous motion to the same
effect has been disagreed to) to move to proceed to the
consideration of the joint resolution, and all points
of order against the joint resolution (and against
consideration of the joint resolution) are waived. The
motion to proceed is not debatable. The motion is not
subject to a motion to postpone. A motion to reconsider
the vote by which the motion is agreed to or disagreed
to shall not be in order. If a motion to proceed to the
consideration of the resolution is agreed to, the joint
resolution shall remain the unfinished business until
disposed of.
``(B) Consideration.--Consideration of the joint
resolution, and on all debatable motions and appeals in
connection therewith, shall be limited to not more than
10 hours, which shall be divided equally between the
majority and minority leaders or their designees. A
motion further to limit debate is in order and not
debatable. An amendment to, or a motion to postpone, or
a motion to proceed to the consideration of other
business, or a motion to recommit the joint resolution
is not in order.
``(C) Vote on passage.--If the Senate has voted to
proceed to a joint resolution, the vote on passage of
the joint resolution shall occur immediately following
the conclusion of consideration of the joint
resolution, and a single quorum call at the conclusion
of the debate if requested in accordance with the rules
of the Senate.
``(D) Rulings of the chair on procedure.--Appeals
from the decisions of the Chair relating to the
application of the rules of the Senate, as the case may
be, to the procedure relating to a joint resolution
shall be decided without debate.
``(f) Coordination With Action by Other House.--
``(1) In general.--If, before passing the joint resolution,
one House receives from the other a joint resolution--
``(A) the joint resolution of the other House shall
not be referred to a committee; and
``(B) the procedure in the receiving House shall be
the same as if no joint resolution had been received
from the other House, except that the vote on final
passage shall be on the joint resolution of the other
House.
``(2) Treatment of joint resolution of other house.--If the
Senate fails to introduce or consider a joint resolution under
this section, the joint resolution of the House shall be
entitled to expedited floor procedures under this section.
``(3) Treatment of companion measures.--If, following
passage of the joint resolution in the Senate, the Senate
receives the companion measure from the House of
Representatives, the companion measure shall not be debatable.
``(4) Consideration after passage.--
``(A) In general.--If Congress passes a joint
resolution, the period beginning on the date the
President is presented with the joint resolution and
ending on the date the President signs, allows to
become law without his signature, or vetoes and returns
the joint resolution (but excluding days when either
House is not in session) shall be disregarded in
computing the legislative day period described in
paragraphs (3) and (4) of subsection (b) and subsection
(c)(1).
``(B) Debate.--Debate on a veto message in the
Senate under this section shall be 1 hour equally
divided between the majority and minority leaders or
their designees.
``(5) Veto override.--If within the legislative day period
described in paragraphs (3) and (4) of subsection (b) and
subsection (c)(1), Congress overrides a veto of a joint
resolution, except as provided in subsection (c)(2), the limit
on debt provided in section 3101(b) shall not be raised under
this section.
``(g) Rules of House of Representatives and Senate.--Subsections
(a), (d), (e), and (f) (except for paragraphs (4)(A) and (5) of such
subsection) are enacted by Congress--
``(1) as an exercise of the rulemaking power of the Senate
and House of Representatives, respectively, and as such it is
deemed a part of the rules of each House, respectively, but
applicable only with respect to the procedure to be followed in
that House in the case of a joint resolution, and it supersedes
other rules only to the extent that it is inconsistent with
such rules; and
``(2) with full recognition of the constitutional right of
either House to change the rules (so far as relating to the
procedure of that House) at any time, in the same manner, and
to the same extent as in the case of any other rule of that
House.''.
(b) 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:
``3101B. Additional Presidential modification of the debt ceiling.''.
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