[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3953 Introduced in House (IH)]
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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. Barragan, Ms. Lee of
California, Mr. Davis of Illinois, Ms. Schakowsky, Mr. Larson of
Connecticut, 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. Blumenauer, Mr. Cleaver, Ms. Omar, Ms.
Adams, Ms. Wexton, Mrs. Foushee, Ms. Chu, Mr. Carson, Mr. Grijalva, Ms.
Pelosi, Mr. Evans, Mr. Payne, Mr. Garcia of Illinois, and Mr. Johnson
of Georgia) 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
procedures for congressional disapproval of the issuance of additional
debt.
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 ``Debt Ceiling Reform Act''.
SEC. 2. PROCEDURES FOR CONGRESSIONAL DISAPPROVAL OF ISSUANCE OF
ADDITIONAL DEBT.
Section 3101 of title 31, United States Code, is amended to read as
follows:
``Sec. 3101. Public debt limit
``(a) Definition of Joint Resolution.--In this section, the term
`joint resolution' means a joint resolution--
``(1) that is introduced during the period--
``(A) beginning on the date on which a
certification under subsection (b)(1) is received; and
``(B) ending on the date that is 3 calendar days
after the date described in subparagraph (A) (or, if a
House was not in session, the next calendar day on
which that House is in session);
``(2) which does not have a preamble;
``(3) the title of which is only as follows: `Joint
resolution relating to the disapproval of the Secretary of the
Treasury's exercise of authority to issue additional debt, as
submitted under section 3101 of title 31, United States Code,
on ______' (with the blank space being filled in with the date
on which the applicable certification under subsection (b)(1)
was received); and
``(4) the matter after the resolving clause of which is
only as follows: `That Congress disapproves of the Secretary of
the Treasury's exercise of the authority to issue additional
debt, as exercised pursuant to the certification under section
3101(b) of title 31, United States Code.'.
``(b) Certification.--
``(1) In general.--The Secretary of the Treasury shall
submit to Congress a written certification whenever the
Secretary of the Treasury determines that the debt is within
$100,000,000,000 of a $1,000,000,000,000 increment and that
further borrowing is required to meet existing commitments.
``(2) Authority to issue debt after certification.--Subject
to the requirements of this section, the United States may
issue additional debt as necessary to meet existing commitments
on and after the date on which the Secretary of the Treasury
submits a written certification to Congress under paragraph
(1).
``(3) Resolution of disapproval.--Congress may consider a
joint resolution relating to each certification submitted by
the Secretary of the Treasury under paragraph (1).
``(c) Enactment of Joint Resolution.--The United States may not
issue additional debt if, not later than 30 calendar days after the
date on which Congress receives a certification submitted under
subsection (b)(1) (regardless of whether Congress is in session), there
is enacted into law a joint resolution disapproving the Secretary of
the Treasury's exercise of authority to issue additional debt.
``(d) Expedited Consideration in the House of Representatives.--
``(1) Reconvening.--Upon receipt of a certification
submitted under subsection (b)(1), the Speaker, if the House of
Representatives would otherwise be adjourned, shall notify the
Members of the House of Representatives that, pursuant to this
section, the House of Representatives shall convene not later
than the second calendar day after receipt of such
certification.
``(2) 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.
``(3) 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 with respect to a
joint resolution relating to a certification after the House of
Representatives has disposed of a motion to proceed that joint
resolution. 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.
``(4) Consideration.--A joint resolution shall be
considered as read. All points of order against a joint
resolution and against its consideration are waived. An
amendment to a joint resolution is not in order. The previous
question shall be considered as ordered on a joint resolution
to its passage without intervening motion except 2 hours of
debate equally divided and controlled by the proponent and an
opponent. A motion to reconsider the vote on passage of a joint
resolution shall not be in order.
``(e) Expedited Procedure in the Senate.--
``(1) Reconvening.--Upon receipt of a certification under
subsection (b)(1), if the Senate has adjourned or recessed for
more than 2 days, the majority leader of the Senate, after
consultation with the minority leader of the Senate, shall
notify the Members of the Senate that, pursuant to this
section, the Senate shall convene not later than the second
calendar day after receipt of such message.
``(2) Placement on calendar.--Upon introduction in the
Senate, a joint resolution shall be immediately placed on the
calendar.
``(3) 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
subsection (b)(1) and ending on the 6th day after the
date on which Congress receives the certification (even
though a previous motion to the same effect has been
disagreed to) to move to proceed to the consideration
of a joint resolution relating to the certification,
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 a joint resolution is
agreed to, the joint resolution shall remain the
unfinished business until disposed of.
``(B) Consideration.--Consideration of a 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 a joint resolution, a motion
to postpone, or a motion to proceed to the
consideration of other business, or a motion to
recommit a 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 a joint resolution
relating to a certification under subsection (b)(1), one House
receives from the other a joint resolution relating to the same
certification--
``(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 until the vote on passage, when
the joint resolution received from the other House
shall supplant the joint resolution of the receiving
House.
``(2) Treatment of joint resolution of other house.--If the
Senate fails to introduce or consider a joint resolution under
this section relating to a certification under subsection
(b)(1), the joint resolution of the House relating to the same
certification shall be entitled to expedited floor procedures
under this section.
``(3) Treatment of companion measures.--If, following
passage of a 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 calendar day period described in
subsection (c).
``(B) Veto message.--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 calendar day period
described in subsection (c), Congress overrides a veto of a
joint resolution relating to a certification submitted under
subsection (b)(1), the United States may not issue any
additional debt under this chapter.
``(g) Rules of House of Representatives and Senate.--This
subsection and subsections (a), (d), (e), and (f) are enacted by
Congress--
``(1) as an exercise of the rulemaking power of the Senate
and House of Representatives, respectively, and as such are
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 they
supersede other rules only to the extent that they are
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.
``(h) Debt Defined.--
``(1) In general.--For purposes of this section, the term
`debt' means 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).
``(2) Determination of face amount.--
``(A) In general.--For purposes of this section,
the current redemption value of an obligation issued on
a discount basis and redeemable before maturity at the
option of its holder is deemed to be the face amount of
the obligation.
``(B) Certain obligations not redeemable before
maturity.--For purposes of this section, the face
amount, for any month, of any obligation issued on a
discount basis that is not redeemable before maturity
at the option of the holder of the obligation is an
amount equal to the sum of--
``(i) the original issue price of the
obligation, plus
``(ii) the portion of the discount on the
obligation attributable to periods before the
beginning of such month (as determined under
the principles of section 1272(a) of the
Internal Revenue Code of 1986 without regard to
any exceptions contained in paragraph (2) of
such section).''.
SEC. 3. REPEAL OF EXPIRED PROVISION.
(a) Repeal.--Section 3101A of title 31, United States Code, is
repealed.
(b) Clerical Amendment.--The table of sections for subchapter I of
chapter 31 of title 31, United States Code, is amended by striking the
item relating to section 3101A.
SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS.
(a) In General.--
(1) Section 8348 of title 5, United States Code, is amended
by striking subsections (j), (k), and (l).
(2) Section 8438 of title 5, United States Code, is amended
by striking subsections (g) and (h).
(3) Section 14(d)(2)(A) of the Federal Deposit Insurance
Act (12 U.S.C. 1824(d)(2)(A)) is amended--
(A) by striking ``in section 3101(b)'' and
inserting ``under section 3101''; and
(B) by striking ``an obligation to which such limit
applies'' and inserting ``debt, as defined in
subsection (h) of such section''.
(b) Savings Provisions.--Notwithstanding the amendments made by
paragraphs (1) and (2) of subsection (a)--
(1) paragraphs (2), (3), and (4) of subsection (j) and
subsection (l)(1) of section 8348 of title 5, United States
Code, as in effect on the day before the date of enactment of
this Act, shall apply to any debt issuance suspension period
(as defined under section 8348(j)(5) of such title) that is in
effect on the date of enactment of this Act; and
(2) paragraphs (2), (3), and (4) of subsection (g) and
subsection (h)(1) of section 8438 of title 5, United States
Code, as in effect on the day before the date of enactment of
this Act, shall apply to any debt issuance suspension period
(as defined under section 8438(g)(6) of such title) that is in
effect on the date of enactment of this Act.
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