To amend chapter 31 of title 31, United States Code, to provide for an orderly process by which the debt ceiling is increased.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. EXTENSION OF PRESIDENTIAL MODIFICATION OF THE DEBT CEILING.
(a) In General.--Chapter 31 of title 31, United States Code, is amended by inserting after section 3101A the following new section: ``Sec. 3101B. Extension of presidential modification of the debt ceiling ``(a) Extension of Debt Limit.--Whenever the President submits a written certification to Congress that the President has determined that the debt subject to limit is within $100,000,000,000 of the limit in section 3101(b) and that further borrowing is required to meet existing commitments, the Secretary of the Treasury may exercise authority to borrow an additional amount that the Secretary estimates is sufficient to meet commitments for one year, subject to the enactment of a joint resolution of disapproval enacted pursuant to this section. The written certification shall also contain the amount that the Secretary so estimates is sufficient. ``(b) Joint Resolution of Disapproval.-- ``(1) In general.--The debt limit may not be raised under this section if, within 50 calendar days after the date on which Congress receives a certification described in subsection (a), there is enacted into law a joint resolution disapproving the President's exercise of authority with respect to such additional amount. ``(2) Contents of joint resolution.--For the purpose of this section, the term...