Title 31 › SUBTITLE III — FINANCIAL MANAGEMENT › CHAPTER 31 — PUBLIC DEBT › SUBCHAPTER I — BORROWING AUTHORITY › § 3101A
The President can tell Congress in writing, no later than December 31, 2011, that the amount of federal debt is within $100,000,000,000 of the legal limit and that more borrowing is needed. If the President does that, the Treasury may borrow up to $900,000,000,000 in two steps. Right when the President sends the notice, the debt limit goes up by $400,000,000,000. If Congress does not pass a special disapproval law in time, the limit then rises by another $500,000,000,000 (so $900,000,000,000 total). After that $900,000,000,000 action, the President can send a second written notice when the debt again comes within $100,000,000,000 of the limit. That second notice allows borrowing equal to $1,200,000,000,000 normally, $1,500,000,000,000 if the Archivist has sent a proposed balanced‑budget amendment to the states, or an amount equal to certain enacted deficit reductions up to $1,500,000,000,000. If Congress does not pass the special disapproval law in the allowed time, the debt limit increases by the full amount authorized by that second notice. Congress has fast rules to act on the President’s notices. For the first notice, Congress has 50 calendar days to pass the limited disapproval resolution; for the second notice it has 15 calendar days. The disapproval measure must be introduced on very specific days, include only a short title naming the date of the President’s submission, and contain only one clause rejecting the President’s action. The House must meet quickly, committees must report within 5 days or be discharged, and debate is tightly limited (two hours in the House; ten hours in the Senate). The disapproval resolution cannot be changed in either House. If Congress passes and the President signs (or allows to become law) such a disapproval within the 50‑day period for the first notice, or Congress overrides a veto in time, the larger increases do not take effect except for the immediate $400,000,000,000 increase; and the Office of Management and Budget must carry out a $400,000,000,000 sequestration of spending under the existing deficit‑control rules.
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Money and Finance, Source: USLM XML via OLRC
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Citation
31 U.S.C. § 3101A
Title 31, Money and Finance
Last Updated
Sep 22, 2026
Release point: 119-110