To amend the Congressional Budget Act of 1974 to provide for an expedited process for increasing the statutory limit on the public debt.

To amend the Congressional Budget Act of 1974 to provide for an expedited process for increasing the statutory limit on the public debt. 1. Debt increase as measure of deficit (a) Content for the concurrent resolution on the budget Section 301(a) of the Congressional Budget Act of 1974 is amended— (1) in paragraph (6), by striking ; and (2) in paragraph (7), by striking the period at the end and inserting ; and (3) by inserting after paragraph (7) the following new paragraph: (8) a heading entitled Debt Increase as Measure of Deficit section 3101(b) . (b) Conforming amendment Section 301(b) of the Congressional Budget Act of 1974 is amended by striking paragraph (5) and redesignating the succeeding paragraphs accordingly. 2. Consideration of debt subject to limit (a) Consideration Section 305(a) of the Congressional Budget Act of 1974 is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph: (7) Upon passage in the House of Representative of the conference report on any concurrent resolution on the budget, it shall be immediately in order to consider a privileged bill offered by the chairman of the Committee on the Budget amending the debt subject to limit (in section 3101 Debt Increase as a Measure of Deficit . (b) Consideration Section 305 of the Congressional Budget Act of 1974 is amended by inserting at the end the following new subsection: (e) Action on debt subject to limit (1) Except as provided in paragraph (2), the provisions of this section for the consideration of the conference report on any concurrent resolution shall also apply to the consideration in the Senate of a bill passed by the House of Representatives pursuant to subsection (a)(7). (2) It shall not be in order in the Senate to consider a bill pursuant to paragraph (1) before the passage of the conference report on the concurrent resolution on the budget for the fiscal year of the concurrent resolution on the budget. . 3. Increase of debt subject to limit Section 3101(b) of title 31, United States Code, is amended by striking the dollar limitation contained therein and inserting $17,072,810,000,000

Summary: Amends the Congressional Budget Act of 1974 to revise the contents of the concurrent resolution on the budget to include a heading entitled "Debt Increase as Measure of Deficit" to set forth the amounts by which the current $14.294 trillion public debt limit shall increase in each of such years. Declares that, upon passage in the House of Representatives of the conference report on any concurrent budget resolution, it shall be immediately in order for the House to consider a privileged bill offered by the chairman of the Committee on the Budget amending the public debt limit at the level proposed under the "Debt Increase as Measure of Deficit" heading for the budget resolution's fiscal year. Limits to one hour any debate on the bill. Prohibits the measure from being amendable and a motion to commit from being in order. Applies similar procedures for Senate consideration of the House passed bill. Makes it out of order in the Senate to consider the bill before the passage of the conference report on the budget resolution for its fiscal year. Increases the public debt limit from $14,294,000,000,000 to $17,072,810,000,000.