To amend title 31 of the United States Code and the Congressional Budget Act of 1974 to automatically increase the debt limit for the fiscal year of a budget resolution, and for other purposes.
Summary
What This Bill Does
The bill amends Title 31 to replace the existing section 3101A with new debt ceiling procedures that link debt limit increases to budget resolutions meeting a "required ratio" for debt reduction, and adds section 3101B granting, establishes an automatic mechanism whereby when Congress adopts a budget resolution meeting the "required ratio" (5 percentage point reduction in debt-to-GDP over 10 years), the Clerk of the House prepares and transmits, and exempts grants the President authority to unilaterally raise the statutory debt limit if Congress fails to adopt a compliant budget resolution by the "covered date" (April 15 or 60 days before hitting the limit). It relies on definition changes, exemptions, reporting requirements, and compliance mandates. The main policy areas are Fiscal Policy and Finance.
Who Benefits and How
Executive Branch (Office of the President) could gain revenue opportunities, Senate majority leadership could face fewer barriers, and Treasury bond holders and creditors could face reduced risk.
Who Bears the Burden and How
Congressional Budget Office would take on compliance duties, Senate Committee on the Budget would take on compliance duties, and House Committee on the Budget would take on compliance duties.
Key Provisions
- Amends Title 31 to replace the existing section 3101A with new debt ceiling procedures that link debt limit increases to budget resolutions meeting a "required ratio" for debt reduction, and adds section 3101B granting...
- Establishes an automatic mechanism whereby when Congress adopts a budget resolution meeting the "required ratio" (5 percentage point reduction in debt-to-GDP over 10 years), the Clerk of the House prepares and transmits...
- Exempts grants the President authority to unilaterally raise the statutory debt limit if Congress fails to adopt a compliant budget resolution by the "covered date" (April 15 or 60 days before hitting the limit).
- Amends the Congressional Budget and Impoundment Control Act of 1974 to add new sections 407-410 establishing expedited procedures for considering presidential debt reduction proposals, including mandatory CBO scoring...
- Establishes detailed procedures for introducing, scoring, and considering debt reduction proposals submitted by the President, including mandatory referral to Budget Committees, 30-day committee review periods...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill amends Title 31 to replace the existing section 3101A with new debt ceiling procedures that link debt limit increases to budget resolutions meeting a "required ratio" for debt reduction, and adds section 3101B granting, establishes an automatic mechanism whereby when Congress adopts a budget resolution meeting the "required ratio" (5 percentage point reduction in debt-to-GDP over 10 years), the Clerk of the House prepares and transmits, and exempts grants the President authority to unilaterally raise the statutory debt limit if Congress fails to adopt a compliant budget resolution by the "covered date" (April 15 or 60 days before hitting the limit).
Key Policy Areas
Fiscal Policy, Finance
Primary Purpose
The bill amends Title 31 to replace the existing section 3101A with new debt ceiling procedures that link debt limit increases to budget resolutions meeting a "required ratio" for debt reduction, and adds section 3101B granting, establishes an automatic mechanism whereby when Congress adopts a budget resolution meeting the "required ratio" (5 percentage point reduction in debt-to-GDP over 10 years), the Clerk of the House prepares and transmits, and exempts grants the President authority to unilaterally raise the statutory debt limit if Congress fails to adopt a compliant budget resolution by the "covered date" (April 15 or 60 days before hitting the limit).
Policy Domains
Section 1 - Short Title
Identified Gains
- Executive Branch (Office of the President)
- Senate majority leadership
- Treasury bond holders and creditors
- House majority and minority leaders
- Financial markets and Treasury bond investors
Identified Costs
- Congressional Budget Office
- Senate Committee on the Budget
- House Committee on the Budget
- Individual members seeking amendments
- Individual Senators seeking amendments
Sponsors
Legislative Progress
IntroducedMr. Peters (for himself, Mr. Huizenga, Mr. Panetta, and Mr. …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Bipartisan coalitions in Congress, Conference committee appointees, Congress (House and Senate)
Positive-direction: Bipartisan coalitions in Congress, Conference committee appointees, Congressional leadership (both chambers), Executive Branch (Office of the President), House majority and minority leaders, Rank-and-file House members, Rank-and-file members of Congress, Senate majority leadership
Negative-direction: Congress (House and Senate), Congress (power of the purse), Congressional Budget Office, House Committee on Rules, House Committee on the Budget, Individual Senators seeking amendments, Individual members seeking amendments, Office of Management and Budget, Senate Committee on the Budget, Senate minority (filibuster power)
Financial markets and Treasury bond investors, Treasury bond holders and creditors, Treasury bond holders and financial markets
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_clerk"
- → Clerk of the House of Representatives
- "the_speaker"
- → Speaker of the House of Representatives
- "the_director"
- → Director of the Office of Management and Budget
- "the_president"
- → President of the United States
- "the_secretary"
- → Secretary of the Treasury
- "the_chair"
- → Chair of the Committee on the Budget (House or Senate)
- "the_director"
- → Director of the Congressional Budget Office
- "the_majority_leader"
- → Majority Leader of the House or Senate
- "the_minority_leader"
- → Minority Leader of the House or Senate
Note: 'The Director' refers to the Director of OMB in Section 2 (Title 31 amendments) but to the Director of CBO in Section 3 (Congressional Budget Act amendments)
Key Definitions
Terms defined in this bill
A provision that does not produce a change in outlays or revenue, or a provision producing changes in outlays or revenues which are merely incidental to the non-budgetary components of the provision
The ratio that reduces by not less than 5 percentage points the projected ratio under current law of debt held by the public to Gross Domestic Product in the tenth fiscal year after the current fiscal year
The maximum face amount of obligations issued under authority of this chapter and obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), as determined under section 3101(b) after the application of section 3101(a), that may be outstanding at any one time
The earlier of April 15 of the calendar year in which the fiscal year of the applicable concurrent resolution on the budget begins, or 60 days before the date on which the statutory limit on the public debt will be reached
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
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