Title: Responsible Budgeting Act
Policy area: Economics and Public Finance

Summary:
Responsible Budgeting Act
This bill establishes new procedures and requirements for suspending the federal debt limit and considering debt reduction legislation.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6139 Introduced in House (IH)]

<DOC>






117th CONGRESS
  1st Session
                                H. R. 6139

To amend chapter 31 of title 31 of the United States Code and title IV 
 of the Congressional Budget Act of 1974 to automatically suspend the 
         debt limit for the fiscal year of a budget resolution.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 3, 2021

     Mr. Arrington (for himself, Mr. Peters, Mr. Huizenga, and Ms. 
  Bourdeaux) introduced the following bill; which was referred to the 
   Committee on Rules, and in addition to the Committees on Ways and 
 Means, and the Budget, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To amend chapter 31 of title 31 of the United States Code and title IV 
 of the Congressional Budget Act of 1974 to automatically suspend the 
         debt limit for the fiscal year of a budget resolution.

    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 ``Responsible Budgeting Act''.

SEC. 2. PRESIDENTIAL REQUEST TO SUSPEND THE DEBT LIMIT.

    (a) In General.--Title 31, United States Code, is amended by 
striking section 3101A and inserting the following:
``Sec. 3101A. Modification of statutory limit on the public debt
    ``(a) In General.--Upon adoption by Congress of a concurrent 
resolution on the budget under section 301 or 304 of the Congressional 
Budget Act of 1974 (2 U.S.C. 632, 634) that satisfies the required 
ratio, as determined by the Congressional Budget Office, the Clerk of 
the House of Representatives shall prepare an engrossment of a joint 
resolution in the form prescribed in subsection (b) suspending the 
statutory limit on the public debt until the last day of the fiscal 
year of that concurrent resolution. Upon engrossment of the joint 
resolution, the vote by which the concurrent resolution on the budget 
was adopted by the House of Representatives shall also be considered as 
a vote on passage of the joint resolution in the House of 
Representatives, and the joint resolution shall be considered as passed 
by the House of Representatives and duly certified and examined. The 
engrossed copy shall be signed by the Clerk of the House of 
Representatives and transmitted to the Senate. Upon receipt of the 
House of Representatives joint resolution in the Senate, the vote by 
which the concurrent resolution on the budget was adopted in the Senate 
shall also be considered as a vote on passage of the joint resolution 
in the Senate, and the joint resolution shall be considered as passed 
by the Senate, duly certified and examined, and transmitted to the 
House of Representatives for enrollment.
    ``(b) Form of Joint Resolution.--The form of the joint resolution 
described in this subsection is a joint resolution--
            ``(1) which does not have a preamble;
            ``(2) the title of which is only as follows: `Joint 
        resolution suspending the debt limit, as prepared under section 
        3101A of title 31, United States Code, on ______' (with the 
        blank containing the date on which the joint resolution is 
        prepared); and
            ``(3) the matter after the resolving clause which is only 
        as follows: `Section 3101(b) of title 31, United States Code, 
        shall not apply for the period beginning on the date of 
        enactment and ending on September 30, ____.' (with the blank 
        being filled with the fiscal year of the concurrent resolution 
        on the budget).
    ``(c) Increase of Debt Limit.--Effective on the date on which the 
authority of a joint resolution described in subsection (b) terminates, 
the limitation in effect under section 3101(b) shall be increased to 
the extent that--
            ``(1) 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 such date, exceeds
            ``(2) the face amount of such obligations outstanding on 
        the date the debt limit was last in effect.
    ``(d) Restoring Congressional Authority Over the National Debt.--
            ``(1) Extension limited to necessary obligations.--An 
        obligation shall not be taken into account under subsection 
        (c)(1) unless the issuance of such obligation was necessary to 
        fund a commitment incurred pursuant to law by the Federal 
        Government that required payment before the date on which the 
        authorization of the joint resolution described in subsection 
        (b) terminates.
            ``(2) Prohibition on creation of cash reserve during 
        extension period.--The Secretary of the Treasury shall not 
        issue obligations during the period specified in the matter 
        after the resolving clause of a joint resolution, as described 
        in subsection (b)(3), for the purpose of increasing the cash 
        balance above normal operating balances in anticipation of the 
        expiration of such period.
    ``(e) Rule of Construction.--Nothing in this section shall be 
construed as limiting or otherwise affecting--
            ``(1) the power of the House of Representatives or the 
        Senate to consider and pass bills or joint resolutions, without 
        regard to the procedures under subsection (a), that would 
        change the statutory limit on the public debt; or
            ``(2) the rights of Members, Delegates, the Resident 
        Commissioner, or committees with respect to the introduction, 
        consideration, and reporting of such bills or joint 
        resolutions.
    ``(f) Definition.--In this section and section 3101B--
            ``(1) the term `required ratio' means the ratio that--
                    ``(A) reduces by not less than 10 percentage points 
                the projected ratio under current law of debt held by 
                the public to Gross Domestic Product in the tenth 
                fiscal year after the current fiscal year; and
                    ``(B) reduces such projected ratio by 50 percent of 
                the total reduction required under subparagraph (A) not 
                later than the fifth fiscal year after the current 
                fiscal year; and
            ``(2) the term `statutory limit on the public debt' means 
        the maximum face amount of obligations issued under authority 
        of this chapter 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 Treasury), 
        as determined under section 3101(b) after the application of 
        section 3101(a), that may be outstanding at any one time.
``Sec. 3101B. Presidential modification of the debt ceiling
    ``(a) In General.--
            ``(1) Written notification.--If, for a fiscal year, 
        Congress does not adopt a concurrent resolution on the budget 
        that satisfies the required ratio by the covered date, the 
        President may submit a written notification to Congress, 
        including a debt reduction proposal with legislative language 
        that satisfies the required ratio, that the President is 
        suspending the statutory limit on the public debt subject to 
        limit in section 3101(b) and that further borrowing is required 
        to meet existing commitments.
            ``(2) Effect of notification.--
                    ``(A) In general.--Subject to subparagraph (C), 
                upon the submission of a written notification by the 
                President under paragraph (1), including a debt 
                reduction proposal comprised of legislative text that 
                the Director of the Office of Management and Budget has 
                determined satisfies the required ratio, the statutory 
                limit on the public debt shall be suspended until the 
                end of the fiscal year beginning in the calendar year 
                in which the President submits a request.
                    ``(B) Effective date.--Except as provided in 
                subparagraph (C), a suspension of the statutory limit 
                on the public debt under subparagraph (A) shall take 
                effect on the date that is 30 calendar days after the 
                date on which the written notification is submitted by 
                the President under paragraph (1).
                    ``(C) Limitation on authority.--The statutory limit 
                on the public debt shall not be suspended under this 
                paragraph if, during the 30-calendar-day period 
                beginning on the date on which Congress receives a 
                notification under this paragraph, Congress enacts into 
                law a joint resolution of disapproval in accordance 
                with subsection (b).
            ``(3) Covered date defined.--For purposes of paragraph (1), 
        the term `covered date' means the earlier of--
                    ``(A) April 15 of the calendar year in which the 
                fiscal year of the applicable concurrent resolution on 
                the budget begins; or
                    ``(B) 60 days before the date on which the 
                statutory limit on the public debt will be reached, as 
                described in the congressional notification submitted 
                by the Secretary of the Treasury.
            ``(4) Increase of debt limit.--Effective on the date the 
        debt limit extension pursuant to the written notification under 
        paragraph (1) terminates, the limitation in effect under 
        section 3101(b) shall be increased to the extent that--
                    ``(A) 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 such 
                date, exceeds
                    ``(B) the face amount of such obligations 
                outstanding on the date the debt limit was last in 
                effect.
            ``(5) Restoring congressional authority over the national 
        debt.--
                    ``(A) Extension limited to necessary obligations.--
                An obligation shall not be taken into account under 
                paragraph (4)(A) unless the issuance of such obligation 
                was necessary to fund a commitment incurred pursuant to 
                law by the Federal Government that required payment 
                before the date on which the debt limit extension 
                pursuant to the written notification under paragraph 
                (1) terminates.
                    ``(B) Prohibition on creation of cash reserve 
                during extension period.--The Secretary of the Treasury 
                shall not issue obligations during the period beginning 
                on the effective date described in paragraph (2)(B) and 
                ending on the last day of the fiscal year described in 
                paragraph (2)(A) for the purpose of increasing the cash 
                balance above normal operating balances in anticipation 
                of the expiration of such period.
    ``(b) Joint Resolution of Disapproval.--
            ``(1) In general.--If a joint resolution of disapproval has 
        not been enacted by the end of the 30-calendar-day period 
        beginning on the date on which the presidential notification to 
        which the joint resolution relates was received by Congress 
        under subsection (a), the statutory limit on public debt shall 
        be suspended as specified in the presidential notification.
            ``(2) Contents of joint resolution.--For the purpose of 
        this section, the term `joint resolution' means only a joint 
        resolution--
                    ``(A) that is introduced between the date the 
                written notification is received and 3 calendar days 
                after that date (or if the House of Representatives or 
                Senate is not in session, the next calendar date in 
                which it is in session);
                    ``(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 suspend the debt 
                limit, as submitted under section 3101B(a) of title 31, 
                United States Code, on ______' (with the blank 
                containing the date of such submission); and
                    ``(D) the matter after the resolving clause of 
                which is only as follows: `That Congress disapproves of 
                the President's exercise of authority to suspend the 
                debt limit, as exercised pursuant to the written 
                notification under section 3101B(a) of title 31, United 
                States Code.'.
    ``(c) Expedited Consideration in the House of Representatives.--
            ``(1) Reconvening.--Upon receipt of a written notification 
        described in subsection (a)(1), the Speaker of the House of 
        Representatives, if the House of Representatives would 
        otherwise be adjourned, shall notify the Members of the House 
        of Representatives that, pursuant to this section, the House of 
        Representatives shall convene not later than the second 
        calendar day after receipt of such written notification.
            ``(2) Reporting and discharge.--A joint resolution 
        introduced under paragraph (1) shall be referred to the 
        Committee on Ways and Means of the House of Representatives and 
        such committee shall report the joint resolution to the House 
        of Representatives without amendment not later than 5 calendar 
        days after the date on which the joint resolution is 
        introduced. If the Committee on Ways and Means fails to report 
        the joint resolution within the 5-day period, the Committee on 
        Ways and Means shall be discharged from further consideration 
        of the joint resolution and it shall be referred to the 
        appropriate calendar.
            ``(3) Proceeding to consideration.--Upon report or 
        discharge from the Committee on Ways and Means of the House of 
        Representatives, and not later than 6 days after the date on 
        which the joint resolution is introduced under paragraph (1), 
        it shall be in order 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.
            ``(4) 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 two 
        hours of debate equally divided and controlled by the proponent 
        and an opponent. A motion to reconsider the vote on passage of 
        the joint resolution shall not be in order.
    ``(d) Expedited Procedure in Senate.--
            ``(1) Reconvening.--Upon receipt of a written notification 
        under subsection (a)(1), if the Senate has adjourned or 
        recessed for more than 2 days, the majority leader of the 
        Senate, after consultation with the minority leader of the 
        Senate, shall notify the Members of the Senate that, pursuant 
        to this section, the Senate shall convene not later than the 
        second calendar day after receipt of such message.
            ``(2) Placement on calendar.--Upon introduction in the 
        Senate, the joint resolution shall be immediately placed on the 
        calendar.
            ``(3) 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 written notification 
                under subsection (a) and ending on the sixth day after 
                the date on which Congress receives a written 
                notification under subsection (a) (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.
    ``(e) Amendment Not in Order.--A joint resolution of disapproval 
considered pursuant to this section shall not be subject to amendment 
in either the House of Representatives or the Senate.
    ``(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 until the vote on passage, when 
                the joint resolution received from the other house 
                shall supplant the joint resolution of the receiving 
                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 then 
        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 the signature of the President, or 
                vetoes and returns the joint resolution (but excluding 
                days when either House is not in session) shall be 
                disregarded in computing the appropriate calendar day 
                period described in subsection (b)(1).
                    ``(B) Debate on veto message.--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.
                    ``(C) Veto override.--If, within the 30-calendar-
                day period described in subsection (b)(1), Congress 
                overrides a veto of a joint resolution, the limitation 
                in effect under section 3101(b) shall not be suspended.
    ``(g) Rules of House of Representatives and Senate.--This section 
and section 3101A 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) Clerical Amendment.--The table of sections of subchapter I of 
chapter 31 of title 31, United States Code, is amended by striking the 
item relating to section 3101A and inserting the following:

``3101A. Modification of statutory limit on the public debt.
``3101B. Presidential modification of the debt ceiling.''.

SEC. 3. CONSIDERATION OF THE DEBT REDUCTION PROPOSAL SUBMITTED BY THE 
              PRESIDENT.

    (a) In General.--Part A of title IV of the Congressional Budget and 
Impoundment Control Act of 1974 (2 U.S.C. 651 et seq.) is amended by 
inserting after section 406 the following:

``SEC. 407. CONSIDERATION OF THE DEBT REDUCTION PROPOSAL SUBMITTED BY 
              THE PRESIDENT.

    ``(a) In General.--Any debt reduction proposal submitted by the 
President under section 3101B(a)(2)(A) of title 31, United States Code, 
is required to satisfy the required ratio as determined by the Office 
of Management and Budget.
    ``(b) Consideration of the President's Proposal in the House of 
Representatives.--
            ``(1) Introduction.--Any debt reduction proposal submitted 
        by the President under section 3101B of title 31, United States 
        Code, shall be introduced by the majority or minority leader of 
        the House of Representatives or their designees. Upon 
        introduction, the Chair of the Committee on the Budget shall 
        within 3 days submit the proposal to the Congressional Budget 
        Office to be scored.
            ``(2) Referral.--Any proposal introduced under paragraph 
        (1) shall be referred to the Committee on the Budget of the 
        House of Representatives.
            ``(3) Requests by budget committee.--Not later than 3 days 
        after the date on which a proposal is referred under paragraph 
        (2), the Chair of the Committee on the Budget of the House of 
        Representatives shall submit to each appropriate committee of 
        the House a request that, during the 30-day period beginning on 
        the date on which the request is made, the appropriate 
        committee submit to the Committee on the Budget of the House--
                    ``(A) a general assessment of the proposal 
                introduced under paragraph (1); and
                    ``(B)(i) any recommendations related to the 
                proposal; or
                    ``(ii) any alternative recommendation to reduce the 
                deficit within the jurisdiction of the committee.
            ``(4) Reported legislation by budget committee.--
                    ``(A) In general.--The Committee on the Budget of 
                the House of Representatives shall report a bill that 
                meets the required ratio not later than 60 days after 
                the date on which the President submits a debt 
                reduction proposal under this section.
                    ``(B) Contents of legislation.--The bill reported 
                under subparagraph (A) may include--
                            ``(i) the debt reduction proposal submitted 
                        by the President under this section; and
                            ``(ii) any recommendations submitted to the 
                        Committee on the Budget of the House of 
                        Representatives under paragraph (3), including 
                        any modifications to such proposals by the 
                        Committee on the Budget of the House of 
                        Representatives.
                    ``(C) CBO score.--
                            ``(i) In general.--No bill may be reported 
                        under subparagraph (A) unless the Chair of the 
                        Committee on the Budget--
                                    ``(I) submits to the Director of 
                                the Congressional Budget Office such 
                                bill for a cost estimate to be prepared 
                                under section 402; and
                                    ``(II) receives from the Director a 
                                cost estimate described in subclause 
                                (I) that includes a statement that such 
                                bill meets the required ratio.
                            ``(ii) Time period.--The 60-day period 
                        described in subparagraph (A) shall not include 
                        the period beginning on the date on which the 
                        Chair of the Committee on the Budget of the 
                        House of Representatives submits to the 
                        Director of the Congressional Budget Office the 
                        bill under clause (i)(I) and ending on the date 
                        on which the Chair receives the cost estimate 
                        under clause (i)(II).
            ``(5) Discharge.--
                    ``(A) In general.--If the Committee on the Budget 
                of the House of Representatives fails to report a bill 
                within 60 days after the referral of the proposal 
                submitted under section 3101B of title 31, United 
                States Code, and such proposal has been determined by 
                the Director to satisfy the required ratio, then the 
                committee shall be discharged from further 
                consideration of the bill that embodies the debt 
                reduction proposal of the President and it shall be 
                referred to the appropriate calendar.
                    ``(B) Consideration.--In the House of 
                Representatives, if the Committee on Rules fails to 
                report a rule within 7 legislative days of the bill 
                being placed on the Calendar for the consideration of a 
                bill reported by the Committee on the Budget under 
                paragraph (4) or discharged under subparagraph (A) of 
                this paragraph which has been determined by the 
                Director to satisfy the required ratio, then any Member 
                may offer a privilege resolution providing for the 
                consideration of the bill. Such resolution shall 
                provide that upon its adoption it shall be in order to 
                consider in the House of Representatives the bill. The 
                bill under the procedure set forth in section 408(c) 
                shall be debatable for two hours equally divided and 
                controlled by a proponent and opponent of thereof. The 
                previous question shall be considered as ordered on the 
                bill of final passage without intervening motion except 
                1 motion to recommit.
    ``(c) Consideration of the President's Proposal in the Senate.--
            ``(1) Introduction.--Any debt reduction proposal submitted 
        by the President under section 3101B of title 31, United States 
        Code, shall be introduced by the majority or minority leader of 
        the Senate or their designees. Upon introduction, the Chair of 
        the Committee on the Budget shall within 3 days submit the 
        proposal to the Congressional Budget Office to be scored.
            ``(2) Referral.--Any proposal introduced under paragraph 
        (1) shall be referred to the Committee on the Budget of the 
        Senate.
            ``(3) Requests by budget committee.--
                    ``(A) Appropriate committees.--Not later than 3 
                days after the date on which a proposal is referred 
                under paragraph (2), the Chair of the Committee on the 
                Budget of the Senate shall submit to each appropriate 
                committee of the Senate a request that, during the 30-
                day period beginning on the date on which the request 
                is made, the appropriate committee submit to the 
                Committee on the Budget of the Senate--
                            ``(i) a general assessment of the proposal 
                        introduced under paragraph (1); and
                            ``(ii)(I) any recommendations related to 
                        the proposal; or
                            ``(II) any alternative recommendation to 
                        reduce the deficit within the jurisdiction of 
                        the committee.
                    ``(B) Other proposals.--Any Member of the Senate 
                may introduce a bill that meets the required ratio, as 
                determined by the Congressional Budget Office, which 
                shall be referred to the Committee on the Budget of the 
                Senate if the proposal is sponsored by not less than 
                one-fifth of the Members, duly chosen and sworn, 
                including--
                            ``(i) not fewer than 10 Members who are 
                        members of or caucus with the members of the 
                        political party of the majority leader of the 
                        Senate; and
                            ``(ii) not fewer than 10 Members who are 
                        members of or caucus with any other political 
                        party that is not the political party of the 
                        majority leader of the Senate.
            ``(4) Reported legislation by budget committee.--
                    ``(A) In general.--The Committee on the Budget of 
                the Senate shall report a bill that meets the required 
                ratio not later than 60 days after the date on which 
                the President submits a debt reduction proposal under 
                this section.
                    ``(B) Contents of legislation.--The bill reported 
                under subparagraph (A) may include--
                            ``(i) the debt reduction proposal submitted 
                        by the President under this section; and
                            ``(ii) any proposal submitted to the 
                        Committee on the Budget of the Senate under 
                        paragraph (3), including any modifications to 
                        such proposals by the Committee on the Budget 
                        of the Senate.
                    ``(C) CBO score.--
                            ``(i) In general.--No bill may be reported 
                        under subparagraph (A) unless the Chair of the 
                        Committee on the Budget--
                                    ``(I) submits to the Director of 
                                the Congressional Budget Office such 
                                bill for a cost estimate to be prepared 
                                under section 402; and
                                    ``(II) receives from the Director a 
                                cost estimate described in subclause 
                                (I) that includes a statement that such 
                                bill meets the required ratio.
                            ``(ii) Time period.--The 60-day period 
                        described in subparagraph (A) shall not include 
                        the period beginning on the date on which the 
                        Chair of the Committee on the Budget of the 
                        Senate submits to the Director of the 
                        Congressional Budget Office the bill under 
                        clause (i)(I) and ending on the date on which 
                        the Chair receives the cost estimate under 
                        clause (i)(II).
            ``(5) Discharge.--If the Committee on the Budget of the 
        Senate has not reported a bill under paragraph (4) before the 
        end of the 60-day period described in that paragraph, the 
        Committee on the Budget of the Senate shall be automatically 
        discharged from further consideration of--
                    ``(A) the proposal introduced under paragraph (1), 
                which shall be placed on the appropriate calendar; and
                    ``(B) any proposal submitted under paragraph 
                (3)(B), which shall be placed on the appropriate 
                calendar.
    ``(d) Definition.--In this section and section 408, the term 
`required ratio' means the ratio that reduces by not less than 5 
percentage points the projected ratio under current law of debt held by 
the public to Gross Domestic Product in the tenth fiscal year after the 
current fiscal year.

``SEC. 408. CONSIDERATION IN THE HOUSE OF REPRESENTATIVES OF 
              ALTERNATIVE DEBT REDUCTION PROPOSALS.

    ``(a) Introduction.--In the House of Representatives, any bill that 
satisfies the required ratio as determined by the Congressional Budget 
Office and does not contain any matter that is unrelated to debt 
reduction may be introduced by the majority leader, the minority 
leader, or by any other Member (if that Member's proposed bill is 
cosponsored by at least 145 other Members or by at least 20 Members of 
the majority party and 20 Members of the minority party).
    ``(b) Referral to Committee on Rules.--Any bill introduced under 
subsection (a) shall be referred to the Committee on Rules. Each such 
bill shall be scored by the Director of the Congressional Budget Office 
to determine if such bill satisfies the required ratio. If such bill 
achieves the required ratio, it shall be reported without amendment to 
the House for its consideration within 30 calendar days of the date of 
introduction of the bill.
    ``(c) Queen-of-the-Hill Rule for Consideration.--In the House of 
Representatives, any bill described in section 407 and any bill 
reported under subsection (b) shall be considered in the House of 
Representatives pursuant to a special order of business if the text of 
the bill provides that the text of all such bills reported under 
subsection (b) may be offered as amendments in the nature of a 
substitute and if more than one such amendment is adopted then the one 
receiving the greater number of affirmative recorded votes shall be 
considered as finally adopted.

``SEC. 409. CONSIDERATION ON THE FLOOR OF THE SENATE.

    ``(a) In General.--Notwithstanding Rule XXII of the Standing Rules 
of the Senate, it is in order, not later than 5 days of session after 
the date on which a bill meeting the requirements of section 407(c)(4) 
is reported from the Committee on the Budget of the Senate or the date 
on which any proposal is placed on the calendar after discharge under 
section 407(c)(5), as applicable, for the majority leader of the Senate 
or a Member of the Senate designated by the majority leader of the 
Senate to move to proceed to the consideration of the bill. It shall 
also be in order, notwithstanding Rule XXII of the Standing Rules of 
the Senate, for any Member of the Senate to move to proceed to the 
consideration of the bill at any time after the conclusion of such 5-
day period. A motion to proceed is in order even though a previous 
motion to the same effect has been disagreed to. All points of order 
against the motion to proceed to the bill are waived. 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. 
Consideration of the motion to proceed shall be limited to not more 
than 10 hours equally divided between the majority leader and the 
minority leader or their designees. A motion to proceed shall require 
an affirmative vote of three-fifths of Senators duly chosen and sworn.
    ``(b) Extraneous Provisions.--
            ``(1) In general.--When the Senate is considering a bill 
        under subsection (a), upon a point of order being made by any 
        Senator against a extraneous material contained in the joint 
        resolution, and the point of order is sustained by the Chair, 
        the provision that contains the extraneous material shall be 
        stricken from the joint resolution.
            ``(2) Extraneous material defined.--In this subsection, the 
        term `extraneous material' means--
                    ``(A) a provision that does not produce a change in 
                outlays or revenue, including changes in outlays and 
                revenues brought about by changes in the terms and 
                conditions under which outlays are made or revenues are 
                required to be collected (but a provision in which 
                outlay decreases or revenue increases exactly offset 
                outlay increases or revenue decreases shall not be 
                considered extraneous by virtue of this subparagraph); 
                or
                    ``(B) a provision producing changes in outlays or 
                revenues which are merely incidental to the non-
                budgetary components of the provision.
            ``(3) Form of the point of order.--A point of order under 
        paragraph (1) may be raised by a Senator as provided in section 
        313(e) of the Congressional Budget Act of 1974 (2 U.S.C. 
        644(e)).

``SEC. 410. CONSIDERATION BY OTHER HOUSE.

    ``If a House of Congress receives a bill passed by the other House 
under section 408 or 409 and has not yet passed a bill under section 
408 or 409, the following procedures for consideration shall apply:
            ``(1) Expedited consideration in the house of 
        representatives.--
                    ``(A) Proceeding to consideration.--
                            ``(i) In general.--It shall be in order, 
                        not later than 30 days after the date on which 
                        the House of Representatives receives a bill 
                        passed by the Senate under section 409, to move 
                        to proceed to consider the bill in the House of 
                        Representatives.
                            ``(ii) Procedure.--For a motion to proceed 
                        to consider a bill under this subparagraph--
                                    ``(I) all points of order against 
                                the motion are waived;
                                    ``(II) such a motion shall not be 
                                in order after the House of 
                                Representatives has disposed of a 
                                motion to proceed on the bill;
                                    ``(III) the previous question shall 
                                be considered as ordered on the motion 
                                to its adoption without intervening 
                                motion;
                                    ``(IV) the motion shall not be 
                                debatable; and
                                    ``(V) a motion to reconsider the 
                                vote by which the motion is disposed of 
                                shall not be in order.
                    ``(B) Consideration.--If the House of 
                Representatives proceeds to consideration of a bill 
                under this paragraph--
                            ``(i) the bill shall be considered as read;
                            ``(ii) all points of order against the bill 
                        and against its consideration are waived;
                            ``(iii) the previous question shall be 
                        considered as ordered on the bill to its 
                        passage without intervening motion except three 
                        hours of debate equally divided and controlled 
                        by the proponent and an opponent;
                            ``(iv) an amendment to the bill shall not 
                        be in order; and
                            ``(v) a motion to reconsider the vote on 
                        passage of the bill shall not be in order.
            ``(2) Expedited consideration in the senate.--
                    ``(A) Proceeding to consideration.--
                            ``(i) In general.--Notwithstanding rule 
                        XXII of the Standing Rules of the Senate, it is 
                        in order, not later than 30 days after the date 
                        on which the Senate receives a bill passed 
                        under section 408 by the House of 
                        Representatives, to move to proceed to consider 
                        the bill in the Senate.
                            ``(ii) Procedure.--For a motion to proceed 
                        to the consideration of a bill under this 
                        paragraph--
                                    ``(I) all points of order against 
                                the motion are waived;
                                    ``(II) the motion is not debatable;
                                    ``(III) the motion is not subject 
                                to a motion to postpone;
                                    ``(IV) a motion to reconsider the 
                                vote by which the motion is agreed to 
                                or disagreed to shall not be in order; 
                                and
                                    ``(V) if the motion is agreed to, 
                                the bill shall remain the unfinished 
                                business until disposed of.
                    ``(B) Floor consideration generally.--If the Senate 
                proceeds to consideration of a bill under this 
                paragraph--
                            ``(i) all points of order against the bill 
                        (and against consideration of the bill) are 
                        waived;
                            ``(ii) consideration of the bill, and all 
                        debatable motions and appeals in connection 
                        therewith, shall be limited to not more than 20 
                        hours, which shall be divided equally between 
                        the majority and minority leaders or their 
                        designees;
                            ``(iii) a motion further to limit debate is 
                        in order and not debatable;
                            ``(iv) an amendment to, a motion to 
                        postpone, or a motion to recommit the bill is 
                        not in order; and
                            ``(v) a motion to proceed to the 
                        consideration of other business is not in 
                        order.
                    ``(C) Vote on passage.--The vote on passage of a 
                bill under this paragraph shall occur immediately 
                following the conclusion of the consideration of the 
                bill, and a single quorum call at the conclusion of the 
                debate if requested in accordance with the rules of the 
                Senate, and shall require an affirmative vote of three-
                fifths of the Members of the Senate duly chosen and 
                sworn.
            ``(3) Conferences.--If the Senate and the House of 
        Representatives have both passed the bill in different forms, 
        then a conference committee on the bill shall be considered as 
        ordered and the Speaker of the House of Representatives and the 
        majority leader of the Senate shall immediately appoint 
        Managers to such conference committee to resolve any 
        disagreement between the Houses.''.
    (b) Clerical Amendment.--The table of contents in section 1(b) of 
the Congressional Budget and Impoundment Control Act of 1974 is amended 
by inserting after the item relating to section 406 the following:

``Sec. 407. Consideration of the debt reduction proposal submitted by 
                            the President.
``Sec. 408. Consideration in the House of Representatives of 
                            alternative debt reduction proposals.
``Sec. 409. Consideration on the floor of the Senate.
``Sec. 410. Consideration by other house.''.
                                 <all>