Pay Down the Debt Act of 2015

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pay Down the Debt Act of 2015''.

SEC. 2. DEBT STABILIZATION PROCESS.

    (a) In General.--The Congressional Budget Act of 1974 is amended by 
inserting after title V the following:

                     ``TITLE VI--DEBT STABILIZATION

``SEC. 601. DEBT STABILIZATION PROCESS.

    ``(a) Budget Targets.--The budget target--
            ``(1) for fiscal year 2017 is a ratio of debt held by the 
        public to the estimated gross domestic product (GDP) of the 
        United States that is lower than the ratio in fiscal year 2016; 
        and
            ``(2) for a fiscal year after fiscal year 2017 is a ratio 
        of debt held by the public to the estimated gross domestic 
        product (GDP) of the United States that does not exceed the 
        ratio in the prior fiscal year.
    ``(b) Reports.--During January of each calendar year beginning in 
2015, the Director of the Office of Management and Budget shall report 
to the President and the Director of the Congressional Budget Office 
shall report to Congress whether the projected debt held by the public-
to-GDP ratio will exceed the prior fiscal year's ratio in any of the 
five ensuing fiscal years.
    ``(c) President's Budget.--If the report of the Director of the 
Office of Management and Budget indicates that for any of fiscal years 
2017 through 2025 the ratios set forth in subsection (a)(1) or (a)(2) 
will be exceeded, then the budget submission of the President under 
section 1105(a) of title 31, United States Code, for that fiscal year 
shall include legislative recommendations that achieve the applicable 
budget targets set forth in subsection (a).
    ``(d) Congressional Action.--
            ``(1) In general.--If the report of the Director of the 
        Congressional Budget Office under subsection (b) indicates that 
        for any of fiscal years 2017 through 2025, the ratios set forth 
        in subsection (a)(1) or (a)(2) will be exceeded, then the 
        concurrent resolution on the budget for that fiscal year shall 
        include stabilization instructions pursuant to section 310 
        directing committees of the House of Representatives and the 
        Senate to determine and recommend changes in laws within their 
        jurisdictions that achieve the budget targets set forth in 
        subsection (a).
            ``(2) Point of order.--It shall not be in order in the 
        House of Representatives or the Senate to consider any 
        concurrent resolution on the budget, or amendment thereto or 
        conference report thereon, that fails to include directions to 
        committees sufficient to achieve the budget targets set forth 
        in subsection (a).
            ``(3) Discretionary spending limits.--Any changes in the 
        discretionary spending limits set forth in section 251(c) of 
        the Balanced Budget and Emergency Deficit Control Act of 1985 
        contained in any stabilization legislation referred to in this 
        subsection shall not be considered to be extraneous matter for 
        purposes of section 313.
    ``(e) Enforcing Stabilization Requirement.--
            ``(1) In general.--If, in any calendar year in which the 
        debt stabilization process has been triggered under subsection 
        (d), Congress has not agreed to stabilization legislation and 
        transmitted such legislation to the President, it shall not be 
        in order in the House of Representatives or the Senate to 
        consider any bill or joint resolution, or amendment thereto or 
        conference report thereon, providing a net increase in 
        mandatory budget authority or a net decrease in revenues.
            ``(2) Point of order in house of representatives.--
                    ``(A) In general.--It shall not be in order in the 
                House of Representatives to consider a rule or order 
                that waives the application of paragraph (1).
                    ``(B) Disposition if point of order.--As 
                disposition of points of order under paragraph (1), the 
                Chair shall put the question of consideration with 
                respect to the proposition that is subject to the 
                points of order.
                    ``(C) Debate.--A question of consideration under 
                this paragraph shall be debatable for ten minutes by 
                each Member initiating a point of order and for ten 
                minutes by an opponent on each point of order, but 
                shall otherwise be decided without intervening motion 
                except one that the House adjourn or that the Committee 
                of the Whole rise, as the case may be.
                    ``(D) Amendments.--The disposition of the question 
                of consideration under this paragraph with respect to a 
                bill or resolution shall be considered also to 
                determine the question of consideration under this 
                paragraph with respect to an amendment made in order as 
                original text.
            ``(3) Senate.--Paragraph (1) may be waived or suspended in 
        the Senate only by three-fifths of the Members, duly chosen and 
        sworn. An affirmative vote of three-fifths of the Members, duly 
        chosen and sworn, shall be required in the Senate to sustain an 
        appeal of the ruling of the Chair on a point of order raised 
        under paragraph (1).
    ``(f) Suspension During Low Growth.--
            ``(1) In general.--The requirements of this title for any 
        fiscal year shall be suspended--
                    ``(A) if the Secretary of the Treasury notifies the 
                President and each House of Congress and publishes in 
                the Federal Register that the estimated real gross 
                domestic product of the United States for the calendar 
                year during which such fiscal year begins would exceed 
                the real gross domestic product of the prior calendar 
                year by less than one percent; or
                    ``(B) upon the enactment of a joint resolution 
                stating that the stabilization legislation would cause 
                or exacerbate an economic downturn.
            ``(2) Exception.--This subsection shall not apply to the 
        reporting requirements set forth in subsection (b).
            ``(3) End of suspension.--In the event of a suspension of 
        the requirements of this title under paragraph (1) or (2), 
        then, effective with regard to the first fiscal year beginning 
        at least 6 months after the notification by the Secretary of 
        the Treasury or the enactment of the joint resolution, as 
        applicable, such suspension is no longer in effect.

``SEC. 602. CONSIDERATION OF ALTERNATIVE PROPOSALS.

    ``(a) Introduction of Alternative Proposal.--If, in any calendar 
year in which the debt stabilization process has been triggered by a 
report by the Director of the Congressional Budget Office under section 
601(b), Congress has not agreed to a congressional resolution on the 
budget by June 15 that meets the requirements of section 601, then any 
Member of the House of Representatives or the Senate may introduce a 
bill to provide for changes in law sufficient to achieve the applicable 
budget target set forth in section 601(a). Such bill shall have the 
following long title: `To stabilize the debt pursuant to section 602 of 
the Congressional Budget Act of 1974.'.
    ``(b) CBO Estimate.--Upon the introduction of a bill referred to in 
subsection (a), the Director of the Congressional Budget Office shall 
prepare and submit to the appropriate committees of the House of 
Representatives and the Senate, as applicable, a cost estimate of that 
bill for the time period described in section 601(b).
    ``(c) Expedited Consideration.--
            ``(1) Required cosponsorship.--Any bill introduced pursuant 
        to subsection (a)--
                    ``(A) in the House of Representatives shall receive 
                expedited consideration pursuant to paragraph (2) if 
                such bill has not less than 50 cosponsors; or
                    ``(B) in the Senate shall receive expedited 
                consideration pursuant to paragraph (2) if such bill 
                has not less than 10 cosponsors.
            ``(2) Consideration in the house of representatives.--
                    ``(A) Referral and reporting.--Any committee of the 
                House of Representatives to which a bill produced 
                pursuant to paragraph (1) is referred shall report it 
                to the House without amendment not later than the third 
                legislative day after the date of its introduction. If 
                a committee fails to report the bill within that period 
                or the House has adopted a concurrent resolution 
                providing for adjournment sine die at the end of a 
                Congress, such committee shall be automatically 
                discharged from further consideration of the bill and 
                it shall be placed on the appropriate calendar.
                    ``(B) Proceeding to consideration.--Not later than 
                3 legislative days after the bill referred to in 
                paragraph (1) is reported or a committee has been 
                discharged from further consideration thereof, it shall 
                be in order to move to proceed to consider the bill in 
                the House. Such a motion shall be in order only at a 
                time designated by the Speaker in the legislative 
                schedule within two legislative days after the day on 
                which the proponent announces an intention to the House 
                to offer the motion provided that such notice may not 
                be given until such bill is reported or a committee has 
                been discharged from further consideration thereof. 
                Such a motion shall not be in order after the House has 
                disposed of a motion to proceed with respect to that 
                special message. The previous question shall be 
                considered as ordered on the motion to its adoption 
                without intervening motion. A motion to reconsider the 
                vote by which the motion is disposed of shall not be in 
                order.
                    ``(C) Consideration.--If the motion to proceed is 
                agreed to, the House shall immediately proceed to 
                consider the bill referred to in paragraph (1) in the 
                House without intervening motion. Such bill shall be 
                considered as read. All points of order against such 
                bill and against its consideration are waived. The 
                previous question shall be considered as ordered on 
                such bill to its passage without intervening motion 
                except 2 hours of debate equally divided and controlled 
                by the proponent and an opponent and one motion to 
                limit debate on the bill. A motion to reconsider the 
                vote on passage of such bill shall not be in order.
            ``(3) Consideration in the senate.--
                    ``(A) Committee action.--The appropriate committees 
                of the Senate shall report without amendment the bill 
                referred to in paragraph (1) not later than the third 
                session day after introduction. If a committee fails to 
                report such bill within that period or the Senate has 
                adopted a concurrent resolution providing for 
                adjournment sine die at the end of a Congress, the 
                Committee shall be automatically discharged from 
                further consideration of such bill and it shall be 
                placed on the appropriate calendar.
                    ``(B) Motion to proceed.--Not later than 3 session 
                days after the bill referred to in paragraph (1) is 
                reported in the Senate or the committee has been 
                discharged thereof, it shall be in order for any 
                Senator to move to proceed to consider such bill in the 
                Senate. The motion shall be decided without debate and 
                the motion to reconsider shall be deemed to have been 
                laid on the table. Such a motion shall not be in order 
                after the Senate has disposed of a prior motion to 
                proceed with respect to such bill.
                    ``(C) Consideration.--If a motion to proceed to the 
                consideration of the bill referred to in paragraph (1) 
                is agreed to, the Senate shall immediately proceed to 
                consideration of such bill without intervening motion, 
                order, or other business, and such bill shall remain 
                the unfinished business of the Senate until disposed 
                of. Consideration on the bill in the Senate under this 
                subsection, and all debatable motions and appeals in 
                connection therewith, shall not exceed 10 hours equally 
                divided in the usual form. All points of order against 
                such bill or its consideration are waived. 
                Consideration in the Senate on any debatable motion or 
                appeal in connection with such bill shall be limited to 
                not more than 1 hour. A motion to postpone, or a motion 
                to proceed to the consideration of other business, or a 
                motion to recommit such bill is not in order. A motion 
                to reconsider the vote by which such bill is agreed to 
                or disagreed to is not in order.
            ``(4) Amendments prohibited.--No amendment to, or motion to 
        strike a provision from, a bill referred to in paragraph (1) 
        considered under this section shall be in order in either the 
        Senate or the House of Representatives.
            ``(5) Coordination with action by other house.--If, before 
        passing the bill referred to in paragraph (1), one House 
        receives from the other a bill--
                    ``(A) the bill 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 such bill had been received from the 
                other House until the vote on passage, when the bill 
                received from the other House shall supplant such bill 
                of the receiving House.

``SEC. 603. DEFINITION.

    ``As used in this title, the term `stabilization legislation' means 
any legislation designated in the text as stabilization legislation 
which the chairman of the Committee on the Budget of the House of 
Representatives or the Senate certifies would reduce the deficit or 
debt held by the public below the levels required by this title.''.
    (b) Conforming Amendment.--The table of contents of the 
Congressional Budget Act of 1974 is amended by inserting after the 
items relating to title V the following:

                     ``TITLE VI--DEBT STABILIZATION

``Sec. 601. Debt stabilization process.
``Sec. 602. Consideration of alternative proposals.
``Sec. 603. Definition.''.

Summary: Pay Down the Debt Act of 2015 This bill amends the Congressional Budget Act of 1974 to establish a legislative process to stabilize the debt using the prior year's ratio of debt held by the public to the estimated gross domestic product (GDP) as a target. The Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) must report annually on whether the target will be exceeded in any of the five ensuing fiscal years. If the OMB reports that the target will be exceeded in any year between FY2017-FY2025, the President's budget for that year must include legislative recommendations to achieve the target. If the CBO reports that the target will be exceeded in any year between FY2017-FY2025: the congressional budget resolution for that year must include reconciliation instructions directing congressional committees to recommend legislation to achieve the target, or any Member of Congress may introduce a bill to reach the target, to be considered using expedited legislative procedures if Congress has not agreed to a budget resolution by June 15th that meets the requirements. If debt stabilization legislation is required, Congress may not consider legislation increasing mandatory budget authority or decreasing revenues until the debt legislation has been agreed to and sent to the President. The requirements imposed by this bill are suspended if: (1) the Department of the Treasury estimates that real GDP for a year will grow by less than 1 compared to the prior year, or (2) a joint resolution is enacted stating that the debt stabilization legislation would cause or exacerbate an economic downturn.