Sec. 301. Debt Ceiling Disapproval Process.
This section adds a new section after 31 U.S.C. 3101 providing for modification of the debt ceiling by the President and a process for the Congress to disapprove of those modifications. The new section provides that if the President submits a written certification to Congress by December 31, 2011 that the debt is within $100 billion of the debt limit, the Secretary of the Treasury is authorized to borrow an additional $900 billion, subject to the enactment of a joint resolution of disapproval. Upon submission of the certification, the debt limit is increased by $400 billion.
The section authorizes the Congress to consider a joint resolution of disapproval subject to the procedures of this section. If Congress fails to enact the joint resolution, the debt limit is increased by an additional $500 billion.
Given that the CBO scored the original bill as having only 1 billion in cuts in the first year, I don’t understand how there is supposed to be $20 billion in savings for the first year of the amended bill given that the amendment doesn’t identify any cuts whatsoever. Looks like more accounting gimmickry.
That’s the first debt raise- it reads “BY December 31, 2011”. Of course Obama won’t wait that long LOL!
The second 1.6 Billion raise”
“... the Secretary of
the Treasury may exercise authority to borrow
an additional amount equal to
$1,600,000,000,000 if the amount of deficit re
duction achieved pursuant to the enactment of
the joint committee bill as set forth pursuant to
section 401(b)(3) of the Budget Control Act of
2011 is greater than $1,600,000,000,000, sub
ject to the enactment of a joint resolution of
disapproval enacted pursuant to this section.”
Their explanation:
“authorizes the Secretary to borrow an additional amount
equal to $1.6 trillion, subject to Presidential certification and Congressional
disapproval, if the amount of deficit reduction achieved pursuant to the creation of
the joint committee in title IV of the bill is greater than $1.6 trillion.”
(I thought “enactment” refers to a bill that’s presented to the executive for signature, not one signed and ‘enacted’ into law. But that must be how it’s used here.)
So, a law must first be passed and signed reducing projected spending as much for this to be authorized.
Lot of strangeness here I’d like to hear a legislative specialist comment on.