Pay Our Bills Act

of Disapproval.--
            ``(1) In general.--Except as provided in subsection (b)(2), 
        the debt limit shall not be increased under this section if, 
        within 15 calendar days after Congress receives the 
        certification described in subsection (a)(1) (regardless of 
        whether Congress is in session), there is enacted into law a 
        joint resolution disapproving the President's exercise of 
        authority with respect to such increase.
            ``(2) Contents of joint resolution.--For the purpose of 
        this section, the term `joint resolution' means only a joint 
        resolution--
                    ``(A) that is introduced between the date a 
                certification described in subsection (a)(1) is 
                received and 3 calendar days after that date;
                    ``(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, as submitted under section 3101B of title 31, 
                United States Code, on ______' (with the 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 
                submitted under section 3101B(a) of title 31, United 
                States Code, on ______.' (with the blank containing the 
                date of such submission).
    ``(d) Expedited Consideration in House of Representatives.--
            ``(1) Reconvening.--Upon receipt of a certification 
        described in subsection (a)(1), the Speaker, if the House would 
        otherwise be adjourned, shall notify the Members of the House 
        that, pursuant to this section, the House 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 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 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. All points of order against the motion 
        are waived. Such a motion shall not be in order after the House 
        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.
            ``(4) 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) Reconvening.--Upon receipt of a certification under 
        subsection (a)(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 (a)(1) 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) Amendment Not in Order.--A joint resolution of disapproval 
considered pursuant to this section shall not be subject to amendment 
in either the House of Representatives or the Senate.
    ``(g) 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 calendar day period described in 
                subsection (b)(1) or 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 calendar day period 
        described in subsection (c)(1), Congress overrides a veto of a 
        joint resolution, except as provided in subsection (b)(2), the 
        limit on debt provided in section 3101(b) shall not be raised 
        under this section.
    ``(h) Rules of House of Representatives and Senate.--This 
subsection and subsections (c), (d), (e), (f), and (g) 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.''.

Summary: Pay Our Bills Act - Authorizes an extension of the presidential authority to modify the public debt ceiling . Authorizes the Secretary of the Treasury to borrow an additional amount required to meet existing commitments if the President certifies to Congress that the public debt is within $100 billion of the current limit and that further borrowing is required. Authorizes Congress to use current requirements for expedited consideration of the joint resolution. Increases the debt limit by the certified amount if the time for disaproval has lapsed without enactment of the joint resolution. Suspends the debt limit for the period beginning on the date on which the President submits such a certification to Congress and ending on the earlier of: 15 calendar days after Congress receives the certification, or enactment of a joint resolution disapproving the President's exercise of authority for the debt limit under that certification. Increases the debt limit, effective on the day after the certification is submitted, to the extent that: the face amount of public debt obligations and those whose principal and interest are guaranteed by the US government outstanding on the day after such date exceeds the face amount of such obligations outstanding on the date the President certifies Congress. Excludes from such formula any obligation whose issuance was not necessary to fund a commitment that required payment before the day after the certification is submitted to Congress. Prohibits the debt limit from being increased if a joint resolution of disapproval is enacted within 15 days after receipt by Congress of a presidential certification that the public debt is within $100 billion of the current limit. Provides for expedited consideration of such a joint resolution in the House and Senate.