Vote Smart's Synopsis:

Vote on a motion to table a bill that raises the national debt limit and establishes discretionary spending limits.

Highlights:

• Increases the debt limit from $14.29 trillion to $14.71 trillion upon certification by the President that the level of debt is within $100 billion of the limit, and that more borrowing is required to meet existing commitments (Sec. 401).

• Increases the debt limit from $14.71 trillion to $15.49 trillion if Congress does not enact into law a joint resolution disapproving of the additional increase within 55 days of the above certification by the President (Sec. 401).

• Increases the debt limit from $15.49 trillion to $16.69 trillion upon certification by the President that the level of debt is within $150 billion of the limit, and that more borrowing is required to meet existing commitments, unless Congress enacts a joint resolution disapproving of the additional increase within 15 days of the certification (Sec. 401).

• Limits discretionary spending to the following, unless the spending is designated as an emergency (Sec. 101):
• $606 billion in the security category and $439 billion in the nonsecurity category for fiscal year 2012;
• $607 billion in the security category and $440 billion in the nonsecurity category for fiscal year 2013; -$1.07 trillion for fiscal year 2014; -$1.09 trillion for fiscal year 2015; -$1.11 trillion for fiscal year 2016;
• $1.13 trillion for fiscal year 2017;
• $1.16 trillion for fiscal year 2018;
• $1.18 trillion for fiscal year 2019;
• $1.2 trillion for fiscal year 2020; and
• $1.23 trillion for fiscal year 2021.

• Prohibits Congress from considering any bill that would cause the above discretionary spending limits to be exceeded (Sec. 101).

• Establishes a Congressional Joint Select Committee on Deficit Reduction to provide recommendations and legislative language with an aim of reducing the deficit to 3 percent or less of the gross domestic product (Sec. 301).

• Requires the Committee on Deficit Reduction to vote on recommendations and proposed legislative language no later than November 23, 2011, with approval requiring the affirmative votes of at least 7 of the 12 committee members (Sec. 301).

• Requires both houses of Congress to vote on the proposed legislative language produced by the Committee on Deficit Reduction no later than December 23, 2011 (Sec. 302).

Full Bill Text

Vote Smart's Synopsis:

Vote on a motion to table a bill that raises the national debt limit and establishes discretionary spending limits.

Highlights:

• Increases the debt limit as follows, provided that the President has submitted a written certification to Congress no later than December 31, 2011, stating that the national debt is within $100 billion of the debt limit and further borrowing is required to meet existing commitments (Sec. 301):
• To $15.19 trillion from $14.29 trillion, if Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 60 calendar days of the President's submission of written certification; or
• To $14.69 trillion from $14.29 trillion, if Congress enacts a joint resolution disapproving of the President's authority to increase the debt limit within 60 calendar days of the President's submission of written certification.

• Requires the Office of Management and Budget to reduce spending by $400 billion if a joint resolution disapproving of the President's authority to increase the debt limit becomes law (Sec. 301).

• Exempts the following budget categories from any spending reductions (Sec. 301):
• Medicare;
• Military retirement;
• Military personnel accounts;
• Veterans;
• Social Security;
• Net interest; and
• TRICARE for Life.

• Requires both houses of Congress to vote on a joint resolution proposing a balanced budget amendment to the U.S. Constitution, and specifies that this vote must occur after September 30, 2011, but before December 31, 2011 (Sec. 201).

• Establishes a Joint Select Committee on Deficit Reduction, the goal of which is to reduce the deficit by at least $1.8 trillion over the period of fiscal years 2012 to 2021 (Sec. 401).

• Increases the debt limit by an additional $1.6 trillion, provided that all of the following are true (Sec. 301):
• The limit has already been raised to $15.19 trillion and the President submits a second written certification to Congress stating that the national debt is within $100 billion of the new debt limit of $15.19 trillion and further borrowing is required to meet existing commitments;
• Congress has enacted legislation proposed by the Joint Select Committee on Deficit Reduction that will achieve more than $1.6 trillion in deficit reduction;
• A balanced budget amendment to the U.S. Constitution has been submitted to the States for ratification; and
• Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 15 calendar days of the President's written certification.

• Limits total discretionary spending to the following amounts for the following fiscal years (Sec. 101):
• $1.04 trillion for fiscal year 2012;
• $1.05 trillion for fiscal year 2013;
• $1.07 trillion for fiscal year 2014;
• $1.09 trillion for fiscal year 2015;
• $1.11 trillion for fiscal year 2016;
• $1.13 trillion for fiscal year 2017;
• $1.16 trillion for fiscal year 2018;
• $1.18 trillion for fiscal year 2019;
• $1.21 trillion for fiscal year 2020; and
• $1.23 trillion for fiscal year 2021.

• Prohibits Congress from passing any bill, amendment, or joint resolution that would cause the discretionary spending limits to be exceeded (Sec. 105).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that raises the national debt limit and establishes discretionary spending limits.

Highlights:

• Increases the debt limit as follows, provided that the President has submitted a written certification to Congress no later than December 31, 2011, stating that the national debt is within $100 billion of the debt limit and further borrowing is required to meet existing commitments (Sec. 301):
• To $15.19 trillion from $14.29 trillion, if Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 60 calendar days of the President's submission of written certification; or
• To $14.69 trillion from $14.29 trillion, if Congress enacts a joint resolution disapproving of the President's authority to increase the debt limit within 60 calendar days of the President's submission of written certification.

• Requires the Office of Management and Budget to reduce spending by $400 billion if a joint resolution disapproving of the President's authority to increase the debt limit becomes law (Sec. 301).

• Exempts the following budget categories from any spending reductions (Sec. 301):
• Medicare;
• Military retirement;
• Military personnel accounts;
• Veterans;
• Social Security;
• Net interest; and
• TRICARE for Life.

• Requires both houses of Congress to vote on a joint resolution proposing a balanced budget amendment to the U.S. Constitution, and specifies that this vote must occur after September 30, 2011, but before December 31, 2011 (Sec. 201).

• Establishes a Joint Select Committee on Deficit Reduction, the goal of which is to reduce the deficit by at least $1.8 trillion over the period of fiscal years 2012 to 2021 (Sec. 401).

• Increases the debt limit by an additional $1.6 trillion, provided that all of the following are true (Sec. 301):
• The limit has already been raised to $15.19 trillion and the President submits a second written certification to Congress stating that the national debt is within $100 billion of the new debt limit of $15.19 trillion and further borrowing is required to meet existing commitments;
• Congress has enacted legislation proposed by the Joint Select Committee on Deficit Reduction that will achieve more than $1.6 trillion in deficit reduction;
• A balanced budget amendment to the U.S. Constitution has been submitted to the States for ratification; and
• Congress does not enact a joint resolution disapproving of the President's authority to increase the debt limit within 15 calendar days of the President's written certification.

• Limits total discretionary spending to the following amounts for the following fiscal years (Sec. 101):
• $1.04 trillion for fiscal year 2012;
• $1.05 trillion for fiscal year 2013;
• $1.07 trillion for fiscal year 2014;
• $1.09 trillion for fiscal year 2015;
• $1.11 trillion for fiscal year 2016;
• $1.13 trillion for fiscal year 2017;
• $1.16 trillion for fiscal year 2018;
• $1.18 trillion for fiscal year 2019;
• $1.21 trillion for fiscal year 2020; and
• $1.23 trillion for fiscal year 2021.

• Prohibits Congress from passing any bill, amendment, or joint resolution that would cause the discretionary spending limits to be exceeded (Sec. 105).

Full Bill Text

Full Bill Text

Full Bill Text