To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased.

To amend chapter 31 1. Extension of presidential modification of the debt ceiling (a) In general Chapter 31 of title 31, United States Code, is amended by inserting after section 3101A the following new section: 3101B. Extension of presidential modification of the debt ceiling (a) Extension of debt limit Whenever the President submits a written certification to Congress that the President has determined that the debt subject to limit is within $100,000,000,000 of the limit in section 3101(b) and that further borrowing is required to meet existing commitments, the Secretary of the Treasury may exercise authority to borrow an additional amount that the Secretary estimates is sufficient to meet commitments for one year, subject to the enactment of a joint resolution of disapproval enacted pursuant to this section. The written certification shall also contain the amount that the Secretary so estimates is sufficient. (b) Joint resolution of disapproval (1) In general The debt limit may not be raised under this section if, within 50 calendar days after the date on which Congress receives a certification described in subsection (a), there is enacted into law a joint resolution disapproving the President’s exercise of authority with respect to such additional amount. (2) Contents of joint resolution For the purpose of this section, the term joint resolution (A) for the certification described in subsection (a); (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 by $________, as submitted under section 3101B (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 under section 3101B(a) of title 31, United States Code. (c) Expedited consideration; amendment not in order; coordination with action by other House The provisions of subsections (c), (d), (e), and (f) of section 3101A shall apply to any joint resolution of disapproval under this section, except that— (1) the date set forth in section (d)(3) of such section; (2) the exception for the $400,000,000,000 increase described in subsection (f)(5) of such section; and (3) subsection (f)(6); shall be inapplicable. . (b) Rules of the House of Representatives and Senate Section 3101A(g) is amended by inserting and subsections (b) and (c) of section 3101B are enacted by Congress (c) Conforming amendment The table of sections for chapter 31 3101B. Extension of presidential modification of the debt ceiling. .

Summary: Authorizes an extension of the presidential authority to modify the public debt ceiling (subject to enactment of a congressional joint resolution of disapproval). Authorizes the Secretary of the Treasury to borrow an additional amount estimated to be sufficient to meet commitments for one year whenever the President certifies to Congress that the public debt subject to limit is within $100 billion of the $16.394 trillion limit and that further borrowing is required to meet existing commitments. Prohibits the debt limit from being raised if, within 50 calendar days after Congress receives that certification, a joint resolution is enacted disapproving the President's exercise of authority with respect to such additional amount. Applies current requirements for expedited consideration of the joint resolution in both houses, with certain exceptions including: the September 14, 2011, termination of the period making it in order in the Senate to consider such a joint resolution; the authorized $400 billion increase in the public debt allowed even though Congress overrides the President's veto of the joint resolution; and the required sequestration ($400 billion reduction in spending) if the President signs the joint resolution, allows it to become law without his signature, or Congress overrides a veto of it.