|Sponsor||Rep. Young, Todd|
|Committee||Ways and Means|
|Date||October 29, 2013 (113th Congress, 1st Session)|
|Staff Contact||Kimberly Betz|
On Tuesday, October 29, 2013, the House will consider H.J.Res __, a Resolution Relating to the Disapproval of the President’s Exercise of Authority to Suspend the Debt Limit, as Submitted under Section 1002(b) of the Continuing Appropriations Act, 2014.
The resolution states Congress’ disapproval of the President’s exercise of authority to suspend the debt ceiling as exercised pursuant to the certification under section 1002(b) of the Continuing Appropriations Act, 2014.
Section 1002 (b), (c), (d), and (e) of the Continuing Appropriations Act, 2014 sets forth a process for suspending the debt limit. The section authorizes the President, within 3 days of enactment of the bill, to submit a certification to Congress that, absent a suspension of the debt limit, the U.S. will be unable to issue new debt to meet its commitments. A certification was transmitted on October 17, 2013. As such, the No Budget No Pay Act was amended to suspend the application of the debt limit statute through February 7, 2014. On February 8, 2014, the debt limit will be raised by the amount of new debt issued from October 17, 2013 through February 7, 2014.
The section also authorizes an expedited procedure for congressional disapproval of the President’s exercise of the authority to suspend the debt limit, within 22 days of receipt of the President’s certification, in both the House and Senate. If a disapproval resolution is enacted into law, the debt limit will go back into effect, but the debt limit would be increased by the amount of debt issued from the time of initial suspension (enactment of this CR) through the date of enactment of a disapproval resolution.
For questions or further information contact the Conference Policy Shop at 5-5107.