Summary

A bill to establish a timely and expeditious process for voting on the statutory debt limit. Read More

Status

This bill was introduced on Oct 13, 2011, in a previous session of Congress, but was not passed.

Date Introduced
Oct 13, 2011

Co-Sponsors

Bill Text

A BILL

To establish a timely and expeditious process for voting on the statutory debt limit.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``U.S.A. AAA Credit Restoration Act''.

SEC. 2. AMENDMENT TO TITLE 31.

Section 3101(b) of title 31, United States Code, is amended to read as follows: ``(b) Limit.-- ``(1) In general.--Notwithstanding any other provision of law, 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 (except guaranteed obligations held by the Secretary of the Treasury) may not be more than an amount determined by the Secretary, as provided by this section. ``(2) Secretarial message.-- ``(A) Timing.--On the same day the President submits a budget to Congress as required by section 1105 the Secretary shall submit to the Congress a message on the public debt limit. ``(B) Contents.--The message shall include an estimate of the amount the public debt limit will need to be increased, if necessary, for the period of time between the submission of the current Secretarial message and the Secretarial message that will be submitted the following year, as required by subparagraph (A), based on estimates of Federal revenues, mandatory expenditures, and discretionary expenditures. ``(3) Federal register notice.--On the same day the Secretary submits the message described in paragraph (2), the Secretary shall publish in the Federal...

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Bill Summary

A bill to establish a timely and expeditious process for voting on the statutory debt limit.

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