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US SB2405

Bill

Official Source

Status

Introduced

7/23/2025

Primary Sponsor

Jeff Merkley

Click for details

Origin

Senate

119th Congress

AI Summary

  • Secretary of the Treasury may submit certification to Congress to suspend the debt limit for up to 2 years when further borrowing is needed to meet existing commitments
  • Congress has 45 calendar days to pass a joint resolution of disapproval; if no disapproval is enacted, the debt ceiling suspension takes effect automatically
  • Expedited procedures in both House and Senate limit debate (2 hours in House, 10 hours in Senate), waive points of order, and prohibit amendments to disapproval resolutions
  • Obligations issued during suspension periods are limited to those necessary to fund legally required commitments, with prohibition on building cash reserves beyond normal operating balances
  • Presidential budget submissions must include debt held by the public as a percentage of GDP, including debt net of financial assets

Legislative Description

Debt Ceiling Reform Act

Economics and public finance

Last Action

Read twice and referred to the Committee on Finance.

7/23/2025

Committee Referrals

Finance7/23/2025

Full Bill Text

No bill text available