H.R. 4634

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4634 Introduced in House (IH)]

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119th CONGRESS
1st Session
H. R. 4634

To provide a process for ensuring the United States does not default on 
its obligations.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

July 23, 2025

Mr. Boyle of Pennsylvania introduced the following bill; which was 
referred to the Committee on Ways and Means, and in addition to the 
Committees on Rules, 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

_______________________________________________________________________

A BILL

To provide a process for ensuring the United States does not default on 
its obligations.

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 ``Debt Ceiling Reform Act''.

SEC. 2. SUSPENSION OF THE DEBT CEILING.

(a) In General.--
(1) Amendments.--Subchapter I of chapter 31 of subtitle III 
of title 31, United States Code, is amended--
(A) in section 3101(b), by inserting ``or 3101B'' 
after ``section 3101A''; and
(B) by inserting after section 3101A the following:
``Sec. 3101B. Suspension of the debt ceiling
``(a) Definition.--In this section, the term `joint resolution' 
means only a joint resolution--
``(1) that is introduced during the period--
``(A) beginning on the date a certification 
described in subsection (b)(1) is received by Congress; 
and
``(B) ending on the date that is 45 calendar days 
after the date described in subparagraph (A);
``(2) which does not have a preamble;
``(3) the title of which is only as follows: `Joint 
resolution relating to the disapproval of the Secretary of the 
Treasury's exercise of authority to suspend the debt limit, as 
submitted under section 3101B of title 31, United States Code, 
on ______' (with the blank containing the date of such 
submission); and
``(4) the matter after the resolving clause of which is 
only as follows: `That Congress disapproves of the Secretary of 
the Treasury's exercise of authority to suspend the debt limit, 
as exercised pursuant to the certification submitted under 
section 3101B(b)(1) of title 31, United States Code, on 
______.' (with the blank containing the date of such 
submission).
``(b) Submissions to Congress.--
``(1) In general.--Not earlier than 60 days, and not later 
than 46 days, before last day of a suspension of the limit 
under section 3101(b) under this section, or any other 
provision of law, if the Secretary of the Treasury determines 
that further borrowing will be necessary to meet existing 
commitments after the end of such suspension, the Secretary of 
the Treasury shall submit to Congress a written certification 
specifying the end of the period during which such limit should 
be suspended, which shall be not later than 2 years after the 
otherwise applicable end of the period of the suspension of the 
limit under section 3101(b).
``(2) Effect of failure to enact disapproval.--
``(A) In general.--If a joint resolution is not 
enacted with respect to a certification under paragraph 
(1) during the 45-calendar-day period beginning on the 
date on which Congress receives the certification, 
section 3101(b) shall not apply for the period--
``(i) beginning on the date that is 46 
calendar days after the date on which Congress 
receives the certification; and
``(ii) ending on the date specified by the 
Secretary of the Treasury in the certification.
``(B) Special rule relating to obligations issued 
during extension period.--If a suspension of the limit 
under section 3101(b) takes effect under subparagraph 
(A) of this paragraph, effective on the day after the 
date specified by the Secretary of the Treasury in the 
applicable certification, the limitation in effect 
under section 3101(b) shall be increased to the extent 
that--
``(i) 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) outstanding on the 
day after the date specified by the Secretary 
of the Treasury in the certification; exceeds
``(ii) the face amount of such obligations 
outstanding on the day after the most recent 
day during which the limit under section 
3101(b) was not suspended under this section, 
or any other provision of law.
``(C) Restoring congressional authority over the 
national debt.--
``(i) Extension limited to necessary 
obligations.--An obligation shall not be taken 
into account under subparagraph (B)(i) unless 
the issuance of such obligation was necessary 
to fund a commitment incurred pursuant to law 
by the Federal Government that required payment 
before the day after the date specified by the 
Secretary of the Treasury in the certification.
``(ii) Prohibition on creation of cash 
reserve during extension period.--The Secretary 
of the Treasury shall not issue obligations 
during the period specified in subparagraph (A) 
for the purpose of increasing the cash balance 
above normal operating balances in anticipation 
of the expiration of such period.
``(3) Effect of enactment of disapproval.--If a joint 
resolution is enacted with respect to a certification under 
paragraph (1) during the 45-calendar-day period beginning on 
the date on which Congress receives the certification, the 
suspension of the limit under section 3101(b) described in such 
paragraph (1) shall end as otherwise provided by law.
``(c) Expedited Consideration in House of Representatives.--
``(1) Reporting and discharge.--Any committee of the House 
of Representatives to which a joint resolution is referred 
shall report it to the House of Representatives without 
amendment not later than 5 calendar days after the date of 
introduction of the joint resolution. If a committee fails to 
report the joint resolution within that period, the committee 
shall be discharged from further consideration of the joint 
resolution and the joint resolution shall be referred to the 
appropriate calendar.
``(2) Proceeding to consideration.--After each committee 
authorized to consider a joint resolution reports it to the 
House of Representatives or has been discharged from its 
consideration, it shall be in order, not later than the sixth 
day after introduction of the joint resolution, to move to 
proceed to consider the joint resolution in the House of 
Representatives. All points of order against the motion are 
waived. Such a motion shall not be in order after the House of 
Representatives has disposed of a motion to proceed on a joint 
resolution addressing a particular submission. The previous 
question shall be considered as ordered on the motion to its 
adoption without intervening motion. The motion shall not be 
debatable. A motion to reconsider the vote by which the motion 
is disposed of shall not be in order.
``(3) Consideration.--The joint resolution shall be 
considered as read. All points of order against the joint 
resolution and against its consideration are waived. The 
previous question shall be considered as ordered on the joint 
resolution to its passage without intervening motion except 2 
hours of debate equally divided and controlled by the proponent 
and an opponent. An amendment to the joint resolution or a 
motion to reconsider the vote on passage of the joint 
resolution shall not be in order.
``(d) Expedited Procedure in Senate.--
``(1) Placement on calendar.--Upon introduction in the 
Senate, a joint resolution shall be immediately placed on the 
calendar.
``(2) Floor consideration.--
``(A) In general.--Notwithstanding rule XXII of the 
Standing Rules of the Senate, it is in order at any 
time during the period beginning on the day after the 
date on which Congress receives a certification under 
subsection (b)(1) and ending on the date that is 45 
calendar days after the date on which the applicable 
certification described in subsection (b)(1) is 
received by Congress (even though a previous motion to 
the same effect has been disagreed to) to move to 
proceed to the consideration of the joint resolution, 
and all points of order against the joint resolution 
(and against consideration of the joint resolution) are 
waived. The motion to proceed is not debatable. The 
motion is not subject to a motion to postpone. A motion 
to reconsider the vote by which the motion is agreed to 
or disagreed to shall not be in order. If a motion to 
proceed to the consideration of the resolution is 
agreed to, the joint resolution shall remain the 
unfinished business until disposed of.
``(B) Consideration.--Consideration of the joint 
resolution, and on all debatable motions and appeals in 
connection therewith, shall be limited to not more than 
10 hours, which shall be divided equally between the 
majority and minority leaders or their designees. A 
motion further to limit debate is in order and not 
debatable. An amendment to, or a motion to postpone, or 
a motion to proceed to the consideration of other 
business, or a motion to recommit the joint resolution 
is not in order.
``(C) Vote on passage.--If the Senate has voted to 
proceed to a joint resolution, the vote on passage of 
the joint resolution shall occur immediately following 
the conclusion of consideration of the joint 
resolution, and a single quorum call at the conclusion 
of the debate if requested in accordance with the rules 
of the Senate.
``(D) Rulings of the chair on procedure.--Appeals 
from the decisions of the Chair relating to the 
application of the rules of the Senate to the procedure 
relating to a joint resolution shall be decided without 
debate.
``(e) Coordination With Action by Other House.--
``(1) In general.--If, before passing the joint resolution, 
one House receives from the other a joint resolution--
``(A) the joint resolution of the other House shall 
not be referred to a committee; and
``(B) the procedure in the receiving House shall be 
the same as if no joint resolution had been received 
from the other House, except that the vote on final 
passage shall be on the joint resolution of the other 
House.
``(2) Treatment of joint resolution of other house.--If the 
Senate fails to introduce or consider a joint resolution under 
this section, the joint resolution of the House shall be 
entitled to expedited floor procedures under this section.
``(3) Treatment of companion measures.--If, following 
passage of the joint resolution in the Senate, the Senate 
receives the companion measure from the House of 
Representatives, the companion measure shall not be debatable.
``(4) Consideration after passage.--
``(A) In general.--If Congress passes a joint 
resolution, the period beginning on the date the 
President is presented with the joint resolution and 
ending on the date the President signs, allows to 
become law without the signature of the President, or 
vetoes and returns the joint resolution (but excluding 
days when either House is not in session) shall be 
disregarded in computing the calendar day period 
described in paragraphs (2) and (3) of subsection (b).
``(B) Debate.--Debate on a veto message in the 
Senate under this section shall be 1 hour equally 
divided between the majority and minority leaders or 
their designees.
``(5) Veto override.--If within the calendar day period 
described in paragraphs (2) and (3) of subsection (b), Congress 
overrides a veto of a joint resolution, the suspension of the 
limit under section 3101(b) described in paragraph (1) of such 
subsection shall end as otherwise provided by law.
``(f) Rules of House of Representatives and Senate.--Subsections 
(a), (c), (d), and (e) (except for paragraphs (4)(A) and (5) of such 
subsection) are enacted by Congress--
``(1) as an exercise of the rulemaking power of the Senate 
and House of Representatives, respectively, and as such it is 
deemed a part of the rules of each House, respectively, but 
applicable only with respect to the procedure to be followed in 
that House in the case of a joint resolution, and it supersedes 
other rules only to the extent that it is inconsistent with 
such rules; and
``(2) with full recognition of the constitutional right of 
either House to change the rules (so far as relating to the 
procedure of that House) at any time, in the same manner, and 
to the same extent as in the case of any other rule of that 
House.''.
(2) Transitional rule.--If, on the date of enactment of 
this Act, the limit under section 3101(b) of title 31, United 
States Code, is not suspended, or the period of the suspension 
of such section ends less than 46 days after the date of 
enactment of this Act, until the date on which a suspension of 
such section next takes effect, subsection (b) of section 3101B 
of title 31, United States Code, shall be applied by 
substituting for paragraph (1) of such subsection the 
following:
``(1) In general.--Not later than 10 days after the date of 
enactment of this section, if the Secretary of the Treasury 
determines that further borrowing will be necessary to meet 
existing commitments after the date of enactment of this 
section, the Secretary of the Treasury shall submit to Congress 
a written certification specifying the end of the period during 
which the limit under section 3101(b) should be suspended, 
which shall be--
``(A) not later than 2 years after the otherwise 
applicable end of the period of the suspension of the 
limit under section 3101(b) in effect on the date of 
enactment of this section; or
``(B) if the limit under such section is not 
suspended on the date of enactment of this section, not 
later than 2 years after the date of enactment of this 
subsection.''.
(3) Conforming amendment.--The table of sections for 
chapter 31 of title 31, United States Code, is amended by 
inserting after the item relating to section 3101A the 
following:

``3101B. Suspension of the debt ceiling.''.
(b) Additional Information on Debt.--Section 1105(a)(10) of title 
31, United States Code, is amended by adding at the end the following: 
``Such information shall include, as a percentage of the gross domestic 
product of the United States, an estimate of the debt held by the 
public and the debt held by the public net of financial assets.''.
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