,,ii  #aaith ,,congress  #ast ,session  
,s4 #bdje  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bc1     
#bjbe,mr4 ,merkley 7for himself1 ,mr4   
,durbin1 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 ,debt ,ceiling ,reform ,act4    
#b4 ,suspension of the debt ceiling  7a7
 ,in general  7#a7 ,amendments          
,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 ,suspension  
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 subsection   
7b77#a7 is received by ,congress2 and   
7,b7 ending on the date that is #de     
calendar days 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 ,secretary of the ,treasury's    
exercise of authority to suspend 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 ,secretary 
of the ,treasury's exercise of authority
 to suspend the debt limit1 as exercised
 pursuant to the certification submitted
 under section #caja;,b7b77#a7 of title 
#ca1 ,united ,states ,code1 on 4 7with  
the blank containing the date of such   
submission74  7b7 ,submissions to       

,congress  7#a7 ,in general ,not earlier
 than #fj days1 and not later than #df  
days1 before last day of a suspension of
 the limit under section #caja7;b7 under
 this section1 or any other provision of
 law1 if the ,secretary of the ,treasury
 determines that further borrowing will 
be necessary to meet existing           
commitments after the end of such       
suspension1 the ,secretary of the       
,treasury shall submit to ,congress a   
written certification specifying the end
 of the period during which such limit  
should be suspended1 which shall be not 
later than #b years after the otherwise 
applicable end of the period of the     
suspension of the limit under section   
#caja7;b74  7#b7 ,effect of failure to  
enact disapproval  7,a7 ,in general ,if 
a joint resolution is not enacted with  
respect to a certification under        
paragraph 7#a7 during the               
#de-;calendar-day period beginning on   
the date on which ,congress receives the
 certification1 section #caja7;b7 shall 

not apply for the period-- 7i7 beginning
 on the date that is #df calendar days  
after the date on which ,congress       
receives the certification2 and  7ii7   
ending on the date specified by the     
,secretary of the ,treasury in the      
certification4  7,b7 ,special rule      
relating to obligations issued during   
extension period ,if a suspension of the
 limit under section #caja7;b7 takes    
effect under subparagraph 7,a7 of this  
paragraph1 effective on the day after   
the date specified by the ,secretary of 
the ,treasury in the applicable         
certification1 the limitation in effect 
under section #caja7;b7 shall be        
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 day   
after the date specified by the         

,secretary of the ,treasury in the      
certification2 exceeds  7ii7 the face   
amount of such obligations outstanding  
on the day after the most recent day    
during which the limit under section    
#caja7;b7 was not suspended under this  
section1 or any other provision of law4 
7,c7 ,restoring congressional authority 
over the national debt  7i7 ,extension  
limited to necessary obligations ,an    
obligation shall not be taken into      
account under subparagraph 7,b77i7      
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 day after the date specified 
by the ,secretary of the ,treasury in   
the certification4  7ii7 ,prohibition on
 creation of cash reserve during        
extension period ,the ,secretary of the 
,treasury shall not issue obligations   
during the period specified in          
subparagraph 7,a7 for the purpose of    
increasing the cash balance above normal

 operating balances in anticipation of  
the expiration of such period4  7#c7    
,effect of enactment of disapproval ,if 
a joint resolution is enacted with      
respect to a certification under        
paragraph 7#a7 during the               
#de-;calendar-day period beginning on   
the date on which ,congress receives the
 certification1 the suspension of the   
limit under section #caja7;b7 described 
in such paragraph 7#a7 shall end as     
otherwise provided by law4  7c7         
,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  7d7 ,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 subsection 7b77#a7 and ending on 

the date that is #de calendar days after
 the date on which the applicable       
certification described in subsection   
7b77#a7 is received by ,congress 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 ,senate to the      
procedure relating to a joint resolution
 shall be decided without debate4  7e7  
,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 the       
signature of the ,president1 or vetoes  
and returns the joint resolution 7but   
excluding days when either ,house is not
 in session7 shall be disregarded in    
computing the calendar day period       
described in paragraphs 7#b7 and 7#c7 of
 subsection 7b74  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      
calendar day period described in        
paragraphs 7#b7 and 7#c7 of subsection  
7b71 ,congress overrides a veto of a    
joint resolution1 the suspension of the 
limit under section #caja7;b7 described 
in paragraph 7#a7 of such subsection    
shall end as otherwise provided by law4 
7f7 ,rules of ,house of ,representatives

 and ,senate ,subsections 7a71 7c71 7d71
 and 7e7 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  7#b7           
,transitional rule ,if1 on the date of  
enactment of this ,act1 the limit under 
section #caja7;b7 of title #ca1 ,united 
,states ,code1 is not suspended1 or the 

period of the suspension of such section
 ends less than #df days after the date 
of enactment of this ,act1 until the    
date on which a suspension of such      
section next takes effect1 subsection   
7b7 of section #caja;,b of title #ca1   
,united ,states ,code1 shall be applied 
by substituting for paragraph 7#a7 of   
such subsection the following3  7#a7 ,in
 general ,not later than #aj days after 
the date of enactment of this section1  
if the ,secretary of the ,treasury      
determines that further borrowing will  
be necessary to meet existing           
commitments after the date of enactment 
of this section1 the ,secretary of the  
,treasury shall submit to ,congress a   
written certification specifying the end
 of the period during which the limit   
under section #caja7;b7 should be       
suspended1 which shall be-- 7,a7 not    
later than #b years after the otherwise 
applicable end of the period of the     
suspension of the limit under section   
#caja7;b7 in effect on the date of      

enactment of this section2 or  7,b7 if  
the limit under such section is not     
suspended on the date of enactment of   
this section1 not later than #b years   
after the date of enactment of this     
subsection4  4  7#c7 ,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      
,suspension of the debt ceiling4  4  7b7
 ,additional information on debt        
,section #aaje7;a77#aj7 of title #ca1   
,united ,states ,code1 is amended by    
adding at the end the following3 ,such  
information shall include1 as a         
percentage of the gross domestic product
 of the ,united ,states1 an estimate of 
the debt held by the public and the debt
 held by the public net of financial    
assets44