S 2405
Debt Ceiling Reform Act
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Bill overview
The Debt Ceiling Reform Act aims to address the issue of the U.S. debt ceiling by establishing a process for suspending it. Specifically, it allows Congress to pass a joint resolution to disapprove the Treasury Secretary’s actions to suspend the debt limit. This resolution would be subject to expedited procedures in both the House and Senate, including tight deadlines for consideration and debate. The bill also mandates regular submissions from the Treasury Secretary to Congress regarding the need for further borrowing, and establishes rules for how obligations are counted during a suspension of the debt limit.
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