SEC. 3. POINT OF ORDER AGAINST LEGISLATION INCREAS-
ING LONG-TERM DEFICITS. 
(a) POINT OF ORDER.—It shall not be in order in 
the House of Representatives or the Senate to consider 
any bill, joint resolution, amendment, motion, or con-
ference report that would cause a net increase in on-budg-
et deficits in excess of $5,000,000,000 in any of the two 
consecutive 10-fiscal-year periods described in section 
402(b) of the Congressional Budget Act of 1974. 
(b) SUPERMAJORITY WAIVER AND APPEAL IN THE 
SENATE.— 
(1) WAIVER.—This section may be waived or 
suspended only by the affirmative vote of three-fifths 
of the Members, duly chosen and sworn. 
(2) APPEAL.—An affirmative vote of three- 
fifths of the Members, duly chosen and sworn, shall 
be required to sustain an appeal of the ruling of the 
Chair on a point of order raised under this section. 
(c) DETERMINATIONS
OF BUDGET LEVELS.—For 
purposes of this section, the levels of net deficit increases 
shall be determined on the basis of estimates provided by 
the Committee on the Budget of the House of Representa-
tives or the Senate, as applicable. 
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SEC. 4. CBO AND OMB PROJECTIONS. 
(a) CONGRESSIONAL BUDGET OFFICE.—(1) Section 
308 of the Congressional Budget Act of 1974 is amended 
by adding at the end the following new subsections: 
‘‘(e) LONG-TERM PROJECTIONS.—Each year, the Di-
rector of the Congressional Budget Office shall issue a re-
port projecting total spending, revenue, deficits, and debt 
for at least 40 years beginning with the first fiscal year 
after the last fiscal year covered in the most recently en-
acted concurrent resolution on the budget as a percentage 
of current projected gross domestic product annually 
based on current law and current law levels as modified 
to maintain current policy.’’. 
(2) Section 202(e)(1) of the Congressional Budget 
Act of 1974 is amended by adding at the end the following 
new sentence: ‘‘Such report shall also include an analysis 
of the long-term projections of current policy and proposed 
policy in the budget submitted by the President for such 
fiscal year.’’. 
(b) OFFICE OF MANAGEMENT AND BUDGET.—Sec-
tion 1105(a) of title 31, United States Code, is amended 
by adding at the end the following new paragraph: 
‘‘(40) long-term projections of total spending 
over 40 years as a percentage of gross domestic 
product annually and the impact of proposed policies 
over that period.’’. 
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SEC. 5. ESTABLISHMENT OF STATUTORY LIMIT ON THE 
PUBLIC DEBT. 
The Rules of the House of Representatives are 
amended by adding at the end the following new rule: 
‘‘RULE XXX 
‘‘ESTABLISHMENT OF STATUTORY LIMIT ON THE 
PUBLIC DEBT 
‘‘1. Upon adoption by Congress of a concurrent reso-
lution on the budget for a fiscal year under section 301 
or 304 of the Congressional Budget Act of 1974 that sets 
forth, as the appropriate level of the public debt for that 
fiscal year, an amount that is different from the amount 
of the statutory limit on the public debt that otherwise 
would be in effect for that fiscal year, the Clerk shall pre-
pare an engrossment of a joint resolution increasing or 
decreasing, as the case may be, the statutory limit on the 
public debt in the form prescribed in clause 2. Upon en-
grossment of the joint resolution, the vote by which the 
concurrent resolution on the budget was finally agreed to 
in the House shall also be considered as a vote on passage 
of the joint resolution in the House, and the joint resolu-
tion shall be considered as passed by the House and duly 
certified and examined. The engrossed copy shall be signed 
by the Clerk and transmitted to the Senate for further 
legislative action. 
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‘‘2. The matter after the resolving clause in a joint 
resolution described in clause 1 shall be as follows: ‘That 
subsection (b) of section 3101 of title 31, United States 
Code, is amended by striking out the dollar limitation con-
tained in such subsection and inserting in lieu thereof 
‘‘$lll’’.’, with the blank being filled with a dollar limi-
tation equal to the appropriate level of the public debt set 
forth pursuant to section 301(a)(5) of the Congressional 
Budget Act of 1974 for the budget year in the relevant 
concurrent resolution described in clause 1. 
‘‘3. (a) The report of the Committee on the Budget 
on a concurrent resolution described in clause 1 and the 
joint explanatory statement of the managers on a con-
ference report to accompany such a concurrent resolution 
each shall contain a clear statement of the effect the even-
tual enactment of a joint resolution engrossed under this 
rule would have on the statutory limit on the public debt. 
‘‘(b) It shall not be in order for the House to consider 
a concurrent resolution described in clause 1, or a con-
ference report thereon, unless the report of the Committee 
on the Budget or the joint explanatory statement of the 
managers complies with paragraph (a). 
‘‘4. Nothing in this rule shall be construed as limiting 
or otherwise affecting— 
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‘‘(a) the power of the House or the Senate to 
consider and pass bills or joint resolutions, without 
regard to the procedures under clause 1, that would 
change the statutory limit on the public debt; or 
‘‘(b) the rights of Members, Delegates, the 
Resident Commissioner, or committees with respect 
to the introduction, consideration, and reporting of 
such bills or joint resolutions. 
‘‘5. In this rule the term ‘statutory limit on the public 
debt’ means the maximum face amount of obligations 
issued under authority of chapter 31 of title 31, United 
States Code, 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 Treas-
ury), as determined under section 3101(b) of such title 
after the application of section 3101(a) of such title, that 
may be outstanding at any one time.’’. 
SEC. 6. STUDY BY THE GOVERNMENT ACCOUNTABILITY OF-
FICE OF LONG-TERM DEBT. 
(a) GAO STUDY.—Title IV of the Congressional 
Budget Act of 1974 is amended by inserting after section 
402 the following new section: 
‘‘STUDY BY THE GOVERNMENT ACCOUNTABILITY OFFICE 
OF LONG-TERM DEBT 
‘‘SEC. 403. The Government Accountability Office 
shall study the effect of the public debt over the 75-year 
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