II 112th CONGRESS 2d Session S. 2040 IN THE SENATE OF THE UNITED STATES January 26, 2012 Mr. Lee (for himself, Mr. Rubio, Mr. Vitter, Mr. Toomey, Mr. Thune, Mr. Coburn, Mr. Paul, Mr. DeMint, Mr. Johnson of Wisconsin, Mr. Risch, and Mr. Crapo) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Congressional Budget Act of 1974 to establish a point of order to prohibit an increase or other modification of the public debt limit unless a concurrent resolution on the budget has been agreed to and is in effect.

1.

Short title

This Act may be cited as the Budget Before Borrowing Act of 2012.

2.

Point of order against consideration of debt limit modification

Section 312 of the Congressional Budget Act of 1974 is amended by adding at the end the following new subsection: (g)

Point of order against consideration of debt limit modification

(1)It shall not be in order in the House of Representatives or the Senate to consider any bill or joint resolution, or amendment thereto or conference report thereon, to increase or modify the public debt limit unless a concurrent resolution on the budget has been agreed to and is in effect for the fiscal year during which such measure is being considered. (2)Paragraph (1) may be waived or suspended in the House of Representatives or the Senate only by the affirmative vote of two-thirds of its Members, duly chosen and sworn. (3)An affirmative vote of two-thirds of the Members, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order under paragraph (1). .