Grassley's speech will be a good one to review. I don't know what he has in mid as a substitute for "debt limit," but he is clearly referring to the contents of H.J.Res.47.
Senate faces tough vote on raising debt limitBy Richard Cowan - Reuters
Friday, March 3, 2006; 1:01 PM... In a speech on the Senate floor, Senate Minority Leader Harry Reid put all 55 Senate Republicans on notice that they "are going to have to belly up to the bar and vote to increase the debt," saying it was Republican budgets that have created the massive deficit spending requiring more federal borrowing.
"Democrats are not going to vote to increase this debt," Reid said. ...
In mid-February, Senate Finance Committee Chairman Charles Grassley, an Iowa Republican, told Reuters he hoped the legislation would be quietly brought to a vote just before the Senate's next recess, which is set for March 18.
The debt ceiling increase historically has been politically distasteful and some conservative Republicans in the Senate could join Democrats in opposing the increase.
"It's highly unlikely that I can support a debt limit (increase) without major structural change that brings the spending under control," Republican Sen. Tom Coburn of Oklahoma told Reuters.
Coburn said the need to increase the debt limit offered "a great opportunity to put as much pressure as we can" to bring down government spending.