,,ii  #aafth ,,congress  #ast ,session  
,s4 #ddd  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #ab1      
#bjai,mr4 ,merkley 7for himself and ,mr4
 ,kaine7 introduced the following bill2 
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 
obligations4  #a4 ,short title ,this    
,act may be cited as the ,protect ,our  
,citizens from ,reckless ,extortion of  
our ,debt and ,irresponsible ,tactics   
,act of #bjai or the ,protect ,our      
,,credit ,act4  #b4 ,additional         
,presidential modification of the debt  
ceiling  7a7 ,in general ,subchapter ,i 
of chapter #ca of subtitle ,,iii of     
title #ca1 ,united ,states ,code1 is    
amended-- 7#a7 in section #caja7;b71 by 
inserting or #caja;,b after section     
#caja;,a2 and  7#b7 by inserting after  
section #caja;,a the following3         
#caja;,b4 ,additional ,presidential     
modification of the debt ceiling  7a7   

,definition ,in this section1 the term  
joint resolution means only a joint     
resolution--  7#a7 that is introduced   
during the period-- 7,a7 beginning on   
the date a certification described in   
paragraph 7#a7 or 7#b7 of subsection 7b7
 is received by ,congress2 and  7,b7    
ending on the date that is #c           
legislative days 7excluding any day on  
which it is not in order to introduce   
resolutions7 after the date described in
 subparagraph 7,a72  7#b7 which does not
 have a preamble2  7#c7 the title of    
which is only as follows3 ,joint        
resolution relating to the disapproval  
of the ,president's exercise of         
authority to increase the debt limit1 as
 submitted under section #caja;,b of    
title #ca1 ,united ,states ,code1 on    
7with the blank containing the date of  
such submission72 and  7#d7 the matter  
after the resolving clause of which is  
only as follows3 ,that ,congress        
disapproves of the ,president's exercise
 of authority to increase the debt      

limit1 as exercised pursuant to the     
certification submitted under section   
#caja;,b7b7 of title #ca1 ,united       
,states ,code1 on 4 7with the blank     
containing the date of such submission74
  7b7 ,submissions to ,congress  7#a7   
,annual submission ,before the beginning
 of each fiscal year1 the ,president    
shall submit to ,congress a written     
certification specifying the amount of  
obligations that are subject to limit   
under section #caja7;b71 in addition to 
the amount of such obligations          
authorized to be outstanding on the date
 of the certification1 that the         
,president determines it shall be       
necessary to issue during the next      
fiscal year to meet existing            
commitments4  7#b7 ,submission during   
fiscal year ,if the ,president          
determines during a fiscal year that the
 debt subject to limit under section    
#caja7;b7 is within #bej1jjj1jjj1jjj of 
such limit and that further borrowing is
 necessary to meet existing commitments1

 the ,president shall submit to         
,congress a written certification--     
7,a7 specifying the amount of           
obligations that are subject to limit   
under section #caja7;b71 in addition to 
the amount of such obligations          
authorized to be outstanding on the date
 of the certification1 that the         
,president determines it shall be       
necessary to issue during the fiscal    
year to meet existing commitments2 and  
7,b7 containing the reason for any      
discrepancy from the certification      
submitted under paragraph 7#a7 for the  
fiscal year4  7#c7 ,effect of failure to
 enact disapproval ,if a joint          
resolution is not enacted with respect  
to a certification under paragraph 7#a7 
or 7#b7 during the #ae-legislative-day  
period beginning on the date on which   
,congress receives the certification1   
the limit under section #caja7;b7 is    
increased by the amount specified in the
 certification4  7#d7 ,effect of        
enactment of disapproval ,if a joint    

resolution is enacted with respect to a 
certification under paragraph 7#a7 or   
7#b7 during the #ae-legislative-day     
period beginning on the date on which   
,congress receives the certification1   
the limit under section #caja7;b7--     
7,a7 shall not be increased by the      
amount specified in the certification2  
and  7,b7 shall be increased in         
accordance with subsection 7c77#b74  7c7
 ,suspension for mid-,year certification
  7#a7 ,in general ,section #caja7;b7   
shall not apply for the period-- 7,a7   
beginning on the date on which the      
,president submits to ,congress a       
certification under subsection 7b77#b72 
and  7,b7 ending on the earlier of--    
7i7 the date that is #ae legislative    
days after ,congress receives the       
certification2 or  7ii7 the date of     
enactment of a joint resolution with    
respect to the certification4  7#b7     
,special rule relating to obligations   
issued during suspension period  7,a7   
,in general ,if a joint resolution is   

enacted with respect to a certification 
under subsection 7b77#b71 effective on  
the day after such date of enactment1   
the limitation in section #caja7;b7 is  
increased to the extent that--  7i7 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 7except guaranteed          
obligations held by the ,secretary of   
the ,treasury7 outstanding on the       
calendar day after such date of         
enactment1 exceeds  7ii7 the face amount
 of such obligations outstanding on the 
date on which the ,president submits the
 certification4  7,b7 ,limitation ,an   
obligation shall not be taken into      
account under subparagraph 7,a7 unless  
the issuance of such obligation was     
necessary to fund a commitment incurred 
by the ,federal ,government that        
required payment during the             
#ae-legislative-day period described in 
paragraph 7#a77;,b77i74  7d7 ,expedited 

consideration in ,house of              
,representatives  7#a7 ,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 #e     
calendar days after the date of         
introduction of the joint resolution4   
,if a committee fails to report the     
joint resolution within that period1 the
 committee shall be discharged from     
further consideration of the joint      
resolution and the joint resolution     
shall be referred to the appropriate    
calendar4  7#b7 ,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 consideration1 it shall be in  
order1 not later than the sixth day     
after introduction of the joint         
resolution1 to move to proceed to       
consider the joint resolution in the    

,house of ,representatives4 ,all points 
of order against the motion are waived4 
,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
 submission4 ,the previous question     
shall be considered as ordered on the   
motion to its adoption without          
intervening motion4 ,the motion shall   
not be debatable4 ,a motion to          
reconsider the vote by which the motion 
is disposed of shall not be in order4   
7#c7 ,consideration ,the joint          
resolution shall be considered as read4 
,all points of order against the joint  
resolution and against its consideration
 are waived4 ,the previous question     
shall be considered as ordered on the   
joint resolution to its passage without 
intervening motion except #b hours of   
debate equally divided and controlled by
 the proponent and an opponent4 ,an     
amendment to the joint resolution or a  
motion to reconsider the vote on passage

 of the joint resolution shall not be in
 order4  7e7 ,expedited procedure in    
,senate  7#a7 ,placement on calendar    
,upon introduction in the ,senate1 a    
joint resolution shall be immediately   
placed on the calendar4  7#b7 ,floor    
consideration  7,a7 ,in general         
,notwithstanding rule ,,xxii of the     
,standing ,rules of the ,senate1 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 7#a7 or 7#b7 of        
subsection 7b7 and ending on the sixth  
day after the date of introduction of a 
joint resolution 7even though a previous
 motion to the same effect has been     
disagreed to7 to move to proceed to the 
consideration of the joint resolution1  
and all points of order against the     
joint resolution 7and against           
consideration of the joint resolution7  
are waived4 ,the motion to proceed is   
not debatable4 ,the motion is not       
subject to a motion to postpone4 ,a     

motion to reconsider the vote by which  
the motion is agreed to or disagreed to 
shall not be in order4 ,if a motion to  
proceed to the consideration of the     
resolution is agreed to1 the joint      
resolution shall remain the unfinished  
business until disposed of4  7,b7       
,consideration ,consideration of the    
joint resolution1 and on all debatable  
motions and appeals in connection       
therewith1 shall be limited to not more 
than #aj hours1 which shall be divided  
equally between the majority and        
minority leaders or their designees4 ,a 
motion further to limit debate is in    
order and not debatable4 ,an amendment  
to1 or a motion to postpone1 or a motion
 to proceed to the consideration of     
other business1 or a motion to recommit 
the joint resolution is not in order4   
7,c7 ,vote on passage ,if the ,senate   
has voted to proceed to a joint         
resolution1 the vote on passage of the  
joint resolution shall occur immediately
 following the conclusion of            

consideration of the joint resolution1  
and a single quorum call at the         
conclusion of the debate if requested in
 accordance with the rules of the       
,senate4  7,d7 ,rulings of the chair on 
procedure ,appeals from the decisions of
 the ,chair relating to the application 
of the rules of the ,senate1 as the case
 may be1 to the procedure relating to a 
joint resolution shall be decided       
without debate4  7f7 ,coordination with 
action by other house  7#a7 ,in general 
,if1 before passing the joint           
resolution1 one ,house receives from the
 other a joint resolution-- 7,a7 the    
joint resolution 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 joint
 resolution had been received from the  
other ,house1 except that the vote on   
final passage shall be on the joint     
resolution of the other ,house4  7#b7   
,treatment of joint resolution of other 
house ,if the ,senate fails to introduce

 or consider a joint resolution under   
this section1 the joint resolution of   
the ,house shall be entitled to         
expedited floor procedures under this   
section4  7#c7 ,treatment of companion  
measures ,if1 following passage of the  
joint resolution in the ,senate1 the    
,senate receives the companion measure  
from the ,house of ,representatives1 the
 companion measure shall not be         
debatable4  7#d7 ,consideration after   
passage  7,a7 ,in general ,if ,congress 
passes a joint resolution1 the period   
beginning on the date the ,president is 
presented with the joint resolution and 
ending on the date the ,president signs1
 allows to become law without his       
signature1 or vetoes and returns the    
joint resolution 7but excluding days    
when either ,house is not in session7   
shall be disregarded in computing the   
legislative day period described in     
paragraphs 7#c7 and 7#d7 of subsection  
7b7 and subsection 7c77#a74  7,b7       
,debate ,debate on a veto message in the

 ,senate under this section shall be #a 
hour equally divided between the        
majority and minority leaders or their  
designees4  7#e7 ,veto override ,if     
within the legislative day period       
described in paragraphs 7#c7 and 7#d7 of
 subsection 7b7 and subsection 7c77#a71 
,congress overrides a veto of a joint   
resolution1 except as provided in       
subsection 7c77#b71 the limit on debt   
provided in section #caja7;b7 shall not 
be raised under this section4  7g7      
,rules of ,house of ,representatives and
 ,senate ,subsections 7a71 7d71 7e71 and
 7f7 7except for paragraphs 7#d77;,a7   
and 7#e7 of such subsection7 are enacted
 by ,congress--  7#a7 as an exercise of 
the rulemaking power of the ,senate and 
,house of ,representatives1             
respectively1 and as such it is deemed a
 part of the rules of each ,house1      
respectively1 but applicable only with  
respect to the procedure to be followed 
in that ,house in the case of a joint   
resolution1 and it supersedes other     

rules only to the extent that it is     
inconsistent with such rules2 and  7#b7 
with full recognition of the            
constitutional right of either ,house to
 change the rules 7so far as relating to
 the procedure of that ,house7 at any   
time1 in the same manner1 and to the    
same extent as in the case of any other 
rule of that ,house4  4  7b7 ,conforming
 amendment ,the table of sections for   
chapter #ca of title #ca1 ,united       
,states ,code1 is amended by inserting  
after the item relating to section      
#caja;,a the following3  #caja;,b4      
,additional ,presidential modification  
of the debt ceiling4  4