,i #aacth ,,congress #ast ,session ,h4 ,r4 #cadi ,,in ,,the ,,house ,,of ,,representatives ,september #ai1 #bjac ,mr4 ,peters of ,california 7for himself and ,mr4 ,schrader7 introduced the following bill2 which was referred to the ,committee on the ,budget1 and in addition to the ,committee on ,rules1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,congressional ,budget ,act of #aigd to provide for a debt stabilization process1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,pay ,down the ,debt ,act of #bjac4 #b4 ,debt stabilization process 7a7 ,in general ,the ,congressional ,budget ,act of #aigd is amended by inserting after title ,v the following3 ,,vi ,debt stabilization #fja4 ,debt stabilization process 7a7 ,budget targets ,the budget target-- 7#a7 for fiscal year #bjaf is a ratio of debt held by the public to the estimated gross domestic product 7,,gdp7 of the ,united ,states that is lower than the ratio in fiscal year #bjae2 and 7#b7 for a fiscal year after fiscal year #bjaf is a ratio of debt held by the public to the estimated gross domestic product 7,,gdp7 of the ,united ,states that does not exceed the ratio in the prior fiscal year4 7b7 ,reports ,during ,january of each calendar year beginning in #bjad1 the ,director of the ,office of ,management and ,budget shall report to the ,president and the ,director of the ,congressional ,budget ,office shall report to ,congress whether the projected debt held by the public-to-,,gdp ratio will exceed the prior fiscal year's ratio in any of the five ensuing fiscal years4 7c7 ,president's budget ,if the report of the ,director of the ,office of ,management and ,budget indicates that for any of fiscal years #bjaf through #bjbd the ratios set forth in subsection 7a77#a7 or 7a77#b7 will be exceeded1 then the budget submission of the ,president under section #aaje7;a7 of title #ca1 ,united ,states ,code1 for that fiscal year shall include legislative recommendations that achieve the applicable budget targets set forth in subsection 7a74 7d7 ,congressional action 7#a7 ,in general ,if the report of the ,director of the ,congressional ,budget ,office under subsection 7b7 indicates that for any of fiscal years #bjaf through #bjbd1 the ratios set forth in subsection 7a77#a7 or 7a77#b7 will be exceeded1 then the concurrent resolution on the budget for that fiscal year shall include stabilization instructions pursuant to section #caj directing committees of the ,house of ,representatives and the ,senate to determine and recommend changes in laws within their jurisdictions that achieve the budget targets set forth in subsection 7a74 7#b7 ,point of order ,it shall not be in order in the ,house of ,representatives or the ,senate to consider any concurrent resolution on the budget1 or amendment thereto or conference report thereon1 that fails to include directions to committees sufficient to achieve the budget targets set forth in subsection 7a74 7#c7 ,discretionary spending limits ,any changes in the discretionary spending limits set forth in section #bea7;c7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe contained in any stabilization legislation referred to in this subsection shall not be considered to be extraneous matter for purposes of section #cac4 7e7 ,enforcing stabilization requirement 7#a7 ,in general ,if1 in any calendar year in which the debt stabilization process has been triggered under subsection 7d71 ,congress has not agreed to stabilization legislation and transmitted such legislation to the ,president1 it shall not be in order in the ,house of ,representatives or the ,senate to consider any bill or joint resolution1 or amendment thereto or conference report thereon1 providing a net increase in mandatory budget authority or a net decrease in revenues4 7#b7 ,point of order in ,house of ,representatives 7,a7 ,in general ,it shall not be in order in the ,house of ,representatives to consider a rule or order that waives the application of paragraph 7#a74 7,b7 ,disposition if point of order ,as disposition of points of order under paragraph 7#a71 the ,chair shall put the question of consideration with respect to the proposition that is subject to the points of order4 7,c7 ,debate ,a question of consideration under this paragraph shall be debatable for ten minutes by each ,member initiating a point of order and for ten minutes by an opponent on each point of order1 but shall otherwise be decided without intervening motion except one that the ,house adjourn or that the ,committee of the ,whole rise1 as the case may be4 7,d7 ,amendments ,the disposition of the question of consideration under this paragraph with respect to a bill or resolution shall be considered also to determine the question of consideration under this paragraph with respect to an amendment made in order as original text4 7#c7 ,senate ,paragraph 7#a7 may be waived or suspended in the ,senate only by three-fifths of the ,members1 duly chosen and sworn4 ,an affirmative vote of three-fifths of the ,members1 duly chosen and sworn1 shall be required in the ,senate to sustain an appeal of the ruling of the ,chair on a point of order raised under paragraph 7#a74 7f7 ,suspension during low growth 7#a7 ,in general ,the requirements of this title for any fiscal year shall be suspended-- 7,a7 if the ,secretary of the ,treasury notifies the ,president and each ,house of ,congress and publishes in the ,federal ,register that the estimated real gross domestic product of the ,united ,states for the calendar year during which such fiscal year begins would exceed the real gross domestic product of the prior calendar year by less than one percent2 or 7,b7 upon the enactment of a joint resolution stating that the stabilization legislation would cause or exacerbate an economic downturn4 7#b7 ,exception ,this subsection shall not apply to the reporting requirements set forth in subsection 7b74 7#c7 ,end of suspension ,in the event of a suspension of the requirements of this title under paragraph 7#a7 or 7#b71 then1 effective with regard to the first fiscal year beginning at least #f months after the notification by the ,secretary of the ,treasury or the enactment of the joint resolution1 as applicable1 such suspension is no longer in effect4 #fjb4 ,consideration of alternative proposals 7a7 ,introduction of alternative proposal ,if1 in any calendar year in which the debt stabilization process has been triggered by a report by the ,director of the ,congressional ,budget ,office under section #fja7;b71 ,congress has not agreed to a congressional resolution on the budget by ,june #ae that meets the requirements of section #fja1 then any ,member of the ,house of ,representatives or the ,senate may introduce a bill to provide for changes in law sufficient to achieve the applicable budget target set forth in section #fja7;a74 ,such bill shall have the following long title3 ,to stabilize the debt pursuant to section #fjb of the ,congressional ,budget ,act of #aigd44 7b7 ,,cbo estimate ,upon the introduction of a bill referred to in subsection 7a71 the ,director of the ,congressional ,budget ,office shall prepare and submit to the appropriate committees of the ,house of ,representatives and the ,senate1 as applicable1 a cost estimate of that bill for the time period described in section #fja7;b74 7c7 ,expedited consideration 7#a7 ,required cosponsorship ,any bill introduced pursuant to subsection 7a7-- 7,a7 in the ,house of ,representatives shall receive expedited consideration pursuant to paragraph 7#b7 if such bill has not less than #ej cosponsors2 or 7,b7 in the ,senate shall receive expedited consideration pursuant to paragraph 7#b7 if such bill has not less than #aj cosponsors4 7#b7 ,consideration in the ,house of ,representatives 7,a7 ,referral and reporting ,any committee of the ,house of ,representatives to which a bill produced pursuant to paragraph 7#a7 is referred shall report it to the ,house without amendment not later than the third legislative day after the date of its introduction4 ,if a committee fails to report the bill within that period or the ,house has adopted a concurrent resolution providing for adjournment sine die at the end of a ,congress1 such committee shall be automatically discharged from further consideration of the bill and it shall be placed on the appropriate calendar4 7,b7 ,proceeding to consideration ,not later than #c legislative days after the bill referred to in paragraph 7#a7 is reported or a committee has been discharged from further consideration thereof1 it shall be in order to move to proceed to consider the bill in the ,house4 ,such a motion shall be in order only at a time designated by the ,speaker in the legislative schedule within two legislative days after the day on which the proponent announces an intention to the ,house to offer the motion provided that such notice may not be given until such bill is reported or a committee has been discharged from further consideration thereof4 ,such a motion shall not be in order after the ,house has disposed of a motion to proceed with respect to that special message4 ,the previous question shall be considered as ordered on the motion to its adoption without intervening motion4 ,a motion to reconsider the vote by which the motion is disposed of shall not be in order4 7,c7 ,consideration ,if the motion to proceed is agreed to1 the ,house shall immediately proceed to consider the bill referred to in paragraph 7#a7 in the ,house without intervening motion4 ,such bill shall be considered as read4 ,all points of order against such bill and against its consideration are waived4 ,the previous question shall be considered as ordered on such bill to its passage without intervening motion except #b hours of debate equally divided and controlled by the proponent and an opponent and one motion to limit debate on the bill4 ,a motion to reconsider the vote on passage of such bill shall not be in order4 7#c7 ,consideration in the ,senate 7,a7 ,committee action ,the appropriate committees of the ,senate shall report without amendment the bill referred to in paragraph 7#a7 not later than the third session day after introduction4 ,if a committee fails to report such bill within that period or the ,senate has adopted a concurrent resolution providing for adjournment sine die at the end of a ,congress1 the ,committee shall be automatically discharged from further consideration of such bill and it shall be placed on the appropriate calendar4 7,b7 ,motion to proceed ,not later than #c session days after the bill referred to in paragraph 7#a7 is reported in the ,senate or the committee has been discharged thereof1 it shall be in order for any ,senator to move to proceed to consider such bill in the ,senate4 ,the motion shall be decided without debate and the motion to reconsider shall be deemed to have been laid on the table4 ,such a motion shall not be in order after the ,senate has disposed of a prior motion to proceed with respect to such bill4 7,c7 ,consideration ,if a motion to proceed to the consideration of the bill referred to in paragraph 7#a7 is agreed to1 the ,senate shall immediately proceed to consideration of such bill without intervening motion1 order1 or other business1 and such bill shall remain the unfinished business of the ,senate until disposed of4 ,consideration on the bill in the ,senate under this subsection1 and all debatable motions and appeals in connection therewith1 shall not exceed #aj hours equally divided in the usual form4 ,all points of order against such bill or its consideration are waived4 ,consideration in the ,senate on any debatable motion or appeal in connection with such bill shall be limited to not more than #a hour4 ,a motion to postpone1 or a motion to proceed to the consideration of other business1 or a motion to recommit such bill is not in order4 ,a motion to reconsider the vote by which such bill is agreed to or disagreed to is not in order4 7#d7 ,amendments prohibited ,no amendment to1 or motion to strike a provision from1 a bill referred to in paragraph 7#a7 considered under this section shall be in order in either the ,senate or the ,house of ,representatives4 7#e7 ,coordination with action by other house ,if1 before passing the bill referred to in paragraph 7#a71 one ,house receives from the other a bill-- 7,a7 the bill of the other ,house shall not be referred to a committee2 and 7,b7 the procedure in the receiving ,house shall be the same as if no such bill had been received from the other ,house until the vote on passage1 when the bill received from the other ,house shall supplant such bill of the receiving ,house4 #fjc4 ,definition ,as used in this title1 the term stabilization legislation means any legislation designated in the text as stabilization legislation which the chairman of the ,committee on the ,budget of the ,house of ,representatives or the ,senate certifies would reduce the deficit or debt held by the public below the levels required by this title4 4 7b7 ,conforming amendment ,the table of contents of the ,congressional ,budget ,act of #aigd is amended by inserting after the items relating to title ,v the following3 ,title ,,vi--,debt stabilization ,sec4 #fja4 ,debt stabilization process4 ,sec4 #fjb4 ,consideration of alternative proposals4 ,sec4 #fjc4 ,definition4 4