Title: Protect Our CREDIT Act
Policy area: Economics and Public Finance

Summary:
Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2018 or the Protect Our CREDIT Act
This bill allows the President to increase the statutory debt limit unless a joint resolution of disapproval is passed by Congress and becomes law.
Prior to the beginning of each fiscal year, the President must submit to Congress a certification that specifies the existing debt, the debt limit, and the debt that will be necessary to issue during the next year to meet existing commitments. The debt limit is increased by the proposed amount, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law. Congress must consider the joint resolution using specified expedited legislative procedures.
The President must submit an additional certification to Congress during the year if the debt is within $250 billion of the limit, and further borrowing is necessary to meet existing commitments. The certification must propose a new debt limit for the remainder of the year and explain any discrepancy with the earlier certification. The new debt limit also goes into effect, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law.
The bill suspends the debt limit during the period in which Congress is considering a joint resolution of disapproval after the President has submitted a mid-year certification.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2309 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 2309

To provide a process for ensuring the United States does not default on 
                            its obligations.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 16, 2018

Mr. Merkley (for himself and Mr. Kaine) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To provide a process for ensuring the United States does not default on 
                            its obligations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protect Our Citizens from Reckless 
Extortion of our Debt and Irresponsible Tactics Act of 2018'' or the 
``Protect Our CREDIT Act''.

SEC. 2. ADDITIONAL PRESIDENTIAL MODIFICATION OF THE DEBT CEILING.

    (a) In General.--Subchapter I of chapter 31 of subtitle III of 
title 31, United States Code, is amended--
            (1) in section 3101(b), by inserting ``or 3101B'' after 
        ``section 3101A''; and
            (2) by inserting after section 3101A the following:
``Sec. 3101B. Additional Presidential modification of the debt ceiling
    ``(a) Definition.--In this section, the term `joint resolution' 
means only a joint resolution--
            ``(1) that is introduced during the period--
                    ``(A) beginning on the date a certification 
                described in paragraph (1) or (2) of subsection (b) is 
                received by Congress; and
                    ``(B) ending on the date that is 3 legislative days 
                (excluding any day on which it is not in order to 
                introduce resolutions) after the date described in 
                subparagraph (A);
            ``(2) which does not have a preamble;
            ``(3) 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
            ``(4) 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(b) 
        of title 31, United States Code, on ______.' (with the blank 
        containing the date of such submission).
    ``(b) Submissions to Congress.--
            ``(1) Annual submission.--Before the beginning of each 
        fiscal year, the President shall submit to Congress a written 
        certification specifying the amount of obligations that are 
        subject to limit under section 3101(b), in addition to the 
        amount of such obligations authorized to be outstanding on the 
        date of the certification, that the President determines it 
        shall be necessary to issue during the next fiscal year to meet 
        existing commitments.
            ``(2) Submission during fiscal year.--If the President 
        determines during a fiscal year that the debt subject to limit 
        under section 3101(b) is within $250,000,000,000 of such limit 
        and that further borrowing is necessary to meet existing 
        commitments, the President shall submit to Congress a written 
        certification--
                    ``(A) specifying the amount of obligations that are 
                subject to limit under section 3101(b), in addition to 
                the amount of such obligations authorized to be 
                outstanding on the date of the certification, that the 
                President determines it shall be necessary to issue 
                during the fiscal year to meet existing commitments; 
                and
                    ``(B) containing the reason for any discrepancy 
                from the certification submitted under paragraph (1) 
                for the fiscal year.
            ``(3) Effect of failure to enact disapproval.--If a joint 
        resolution is not enacted with respect to a certification under 
        paragraph (1) or (2) during the 15-legislative-day period 
        beginning on the date on which Congress receives the 
        certification, the limit under section 3101(b) is increased by 
        the amount specified in the certification.
            ``(4) Effect of enactment of disapproval.--If a joint 
        resolution is enacted with respect to a certification under 
        paragraph (1) or (2) during the 15-legislative-day period 
        beginning on the date on which Congress receives the 
        certification, the limit under section 3101(b)--
                    ``(A) shall not be increased by the amount 
                specified in the certification; and
                    ``(B) shall be increased in accordance with 
                subsection (c)(2).
    ``(c) Suspension for Mid-Year Certification.--
            ``(1) In general.--Section 3101(b) shall not apply for the 
        period--
                    ``(A) beginning on the date on which the President 
                submits to Congress a certification under subsection 
                (b)(2); and
                    ``(B) ending on the earlier of--
                            ``(i) the date that is 15 legislative days 
                        after Congress receives the certification; or
                            ``(ii) the date of enactment of a joint 
                        resolution with respect to the certification.
            ``(2) Special rule relating to obligations issued during 
        suspension period.--
                    ``(A) In general.--If a joint resolution is enacted 
                with respect to a certification under subsection 
                (b)(2), effective on the day after such date of 
                enactment, the limitation in section 3101(b) is 
                increased to the extent that--
                            ``(i) the face amount of obligations issued 
                        under this chapter and the face amount of 
                        obligations whose principal and interest are 
                        guaranteed by the United States Government 
                        (except guaranteed obligations held by the 
                        Secretary of the Treasury) outstanding on the 
                        calendar day after such date of enactment, 
                        exceeds
                            ``(ii) the face amount of such obligations 
                        outstanding on the date on which the President 
                        submits the certification.
                    ``(B) Limitation.--An obligation shall not be taken 
                into account under subparagraph (A) unless the issuance 
                of such obligation was necessary to fund a commitment 
                incurred by the Federal Government that required 
                payment during the 15-legislative-day period described 
                in paragraph (1)(B)(i).
    ``(d) Expedited Consideration in House of Representatives.--
            ``(1) Reporting and discharge.--Any committee of the House 
        of Representatives to which a joint resolution is referred 
        shall report it to the House of Representatives 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.
            ``(2) Proceeding to consideration.--After each committee 
        authorized to consider a joint resolution reports it to the 
        House of Representatives 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 of 
        Representatives. All points of order against the motion are 
        waived. Such a motion shall not be in order after the House of 
        Representatives 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.
            ``(3) 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) Placement on calendar.--Upon introduction in the 
        Senate, a joint resolution shall be immediately placed on the 
        calendar.
            ``(2) 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 
                paragraph (1) or (2) of subsection (b) 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) 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 legislative day period described in 
                paragraphs (3) and (4) of subsection (b) and 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 legislative day period 
        described in paragraphs (3) and (4) of subsection (b) and 
        subsection (c)(1), Congress overrides a veto of a joint 
        resolution, except as provided in subsection (c)(2), the limit 
        on debt provided in section 3101(b) shall not be raised under 
        this section.
    ``(g) Rules of House of Representatives and Senate.--Subsections 
(a), (d), (e), and (f) (except for paragraphs (4)(A) and (5) of such 
subsection) 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.''.
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