Protect Our CREDIT Act

Summary

Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2018 or the Protect Our CREDIT Act This bill allows the President to increase the statutory debt limit unless a joint resolution of disapproval is passed by Congress and becomes law. Prior to the beginning of each fiscal year, the President must submit to Congress a certification that specifies the existing debt, the debt limit, and the debt that will be necessary to issue during the next year to meet existing commitments. The debt limit is increased by the proposed amount, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law. Congress must consider the joint resolution using specified expedited legislative procedures. The President must submit an additional certification to Congress during the year if the debt is within $250 billion of the limit, and further borrowing is necessary to meet existing commitments. The certification must propose a new debt limit for the remainder of the year and explain any discrepancy with the earlier certification. The new debt limit also goes into effect, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law. The bill suspends the debt limit during the period in which Congress is considering a joint resolution of disapproval after the President has submitted a mid-year certification.

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Timeline

1. 16 January 2018

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 16 January 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 16 January 2018 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 January 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 January 2018

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 16 January 2018

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Merkley, Jeff [D-OR] · D · Sponsor
• Sen. Kaine, Tim [D-VA] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Protect Our CREDIT Act