To amend title 31 of the United States Code and the Congressional Budget Act of 1974 to automatically increase the debt limit for the fiscal year of a budget resolution, and for other purposes.
About This Bill
Committee
Latest Action · September 20, 2024
Referred to the Committee on Rules, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Responsible Budgeting Act would create an automatic process for raising the federal debt limit when Congress passes a budget resolution that meets certain deficit-reduction targets. Under the bill, once Congress adopts a budget that reduces the projected debt-to-GDP ratio by at least 5 percentage points in the tenth year, the debt limit would automatically increase without requiring a separate vote. If Congress fails to pass such a budget by April 15 or 60 days before the debt limit is reached, the President could instead submit a debt-reduction proposal, which would automatically increase the debt limit after 30 days unless Congress votes to disapprove it. The legislation also establishes expedited congressional procedures for considering any presidential debt-reduction proposals, requiring committees to act within specific timeframes and limiting debate on floor votes. The bill affects all federal borrowing and spending decisions by tying debt-limit increases to mandatory fiscal targets, though it does not appropriate any new funds or establish specific timelines beyond the procedural deadlines for congressional action.
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