Debt Ceiling Reform Act
Sponsored By: Representative Boyle, Brendan F. [D-PA-2]
Introduced
Summary
Would create a timed congressional disapproval process to check Treasury debt-limit suspensions. It would require Treasury to certify suspension end dates, open a 45-day accelerated window for a joint resolution to disapprove those suspensions, and set rule-bound limits on any limited borrowing extension and new debt reporting relative to GDP.
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- Congress: Committees would have to report the disapproval resolution within 5 calendar days, and the House could move to consider it within 6 days under a streamlined, non-debatable process.
- Senate: Consideration would be fast-tracked with debate capped at up to 10 hours evenly divided, and the measure would get expedited procedures for veto messages and potential overrides.
- Treasury and markets: Treasury would need to certify the end of a suspension between 60 and 46 days before it ends, and a failure by Congress to act could allow a narrowly limited increase in borrowing only to meet lawful commitments while prohibiting creating a cash reserve. The bill would also require debt held by the public and debt held by the public net of financial assets to be reported as a percentage of GDP.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Debt limit backstop to keep payments going
If enacted, Treasury would have to certify 60 to 46 days before a suspension ends and name an end date no later than two years after it. If less than 46 days remain or no suspension exists at enactment, a notice would be due within 10 days with an end date no later than two years after enactment or the suspension’s end. If Congress does not pass a disapproval within 45 days, a backstop would apply from day 46 until the named date. In that period, the debt limit could rise only enough to pay already‑owed bills due before the day after that date, excluding guaranteed debts Treasury holds, and Treasury could not build extra cash above normal levels. If Congress does pass a qualifying disapproval in the 45‑day window, the suspension would end under current law.
Faster vote on debt limit disapproval
The bill would set a strict, fill‑in‑the‑blank format and a 45‑day filing window for any disapproval resolution. In the House, committees would have 5 days to act or be discharged, a vote to proceed would be available by day 6, and debate would be limited to 2 hours with no amendments. In the Senate, the measure would go straight to the calendar, debate would be limited to 10 hours with no amendments, and a motion to proceed would be allowed anytime in the 45‑day window. The 45‑day clock would pause while the resolution is with the President, and Senate debate on a veto message would be capped at 1 hour. If Congress overrides a veto within the allowed time, the suspension would end under current law.
Sponsors & CoSponsors
Sponsor
Boyle, Brendan F. [D-PA-2]
PA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov