S 3654
Debt Ceiling Reform Act
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Bill overview
The Debt Ceiling Reform Act aims to change how the United States manages its debt limit. Instead of a simple debt ceiling, it establishes a process where Congress can disapprove of the Treasury Department’s issuance of additional debt through a joint resolution. The bill requires the President to certify when the debt is approaching a certain threshold, and Congress has 50 days to consider and pass a resolution of disapproval. It also outlines expedited procedures in both the House and Senate to quickly address these certifications and potential disapproval resolutions.
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