3.0.0 2309 2023-01-11T13:38:53Z 2023-01-11T13:38:53Z Senate S 2018-01-16 115 ssfi00 Finance Committee Senate Standing Referred to 2018-01-16T22:29:35Z 2018-01-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-01-16 Introduced in Senate IntroReferral 10000 9 Library of Congress M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR N K000384 Sen. Kaine, Tim [D-VA] Timothy Kaine D VA M. 2018-01-16 True Economics and Public Finance Budget deficits and national debt Congressional oversight Legislative rules and procedure Economics and Public Finance 00 2018-01-16 Introduced in Senate 2018-08-03T18:56:00Z Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2018 or the Protect Our CREDIT Act

This bill allows the President to increase the statutory debt limit unless a joint resolution of disapproval is passed by Congress and becomes law.

Prior to the beginning of each fiscal year, the President must submit to Congress a certification that specifies the existing debt, the debt limit, and the debt that will be necessary to issue during the next year to meet existing commitments. The debt limit is increased by the proposed amount, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law. Congress must consider the joint resolution using specified expedited legislative procedures.

The President must submit an additional certification to Congress during the year if the debt is within $250 billion of the limit, and further borrowing is necessary to meet existing commitments. The certification must propose a new debt limit for the remainder of the year and explain any discrepancy with the earlier certification. The new debt limit also goes into effect, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law.

The bill suspends the debt limit during the period in which Congress is considering a joint resolution of disapproval after the President has submitted a mid-year certification.

]]> Protect Our CREDIT Act Display Title Protect Our CREDIT Act Official Title as Introduced A bill to provide a process for ensuring the United States does not default on its obligations. Introduced in Senate IS Short Titles as Introduced Protect Our CREDIT Act Short Titles as Introduced Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2018 Introduced in Senate 2018-01-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2309is/xml/BILLS-115s2309is.xml 2018-01-16 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.