Search Results: keywords:"debt limit"

  • H. R. 7691 — To require the Chairperson of the Financial Stability Oversight Council to provide contingency plans for a disruption in the timing of payment on Treasury securities, and for other purposes.
    Status:Introduced in House
    Words:434

    H.R. 7691 requires the Chairperson of the Financial Stability Oversight Council to develop contingency plans for potential disruptions in the timing of payments on U.S. Treasury securities. These disruptions could be caused by system failures, cyberattacks, natural disasters,...

    Simple Explanation

    The bill wants someone in charge to make a plan for what to do if there's a problem with paying back money the government owes. This plan has to think about things like computers breaking or running out of money, and the person has to tell important people in the government what they plan to do to fix it.

  • H. J. RES. 3 — Proposing an amendment to the Constitution of the United States relative to balancing the budget.
    Status:Introduced in House
    Words:804

    H. J. RES. 3 proposes an amendment to the U.S. Constitution to help balance the national budget. The resolution requires that government spending does not exceed income and limits spending to 18% of the country's gross domestic product unless approved by a two-thirds majority in Congress. It...

    Simple Explanation

    The bill wants to make a new rule that says the government can't spend more money than it earns and needs special permission to spend extra or raise taxes. This would help keep the country's money balanced, but there are special rules for emergencies like wars.

  • H. R. 9735 — To amend title 31 of the United States Code and the Congressional Budget Act of 1974 to automatically increase the debt limit for the fiscal year of a budget resolution, and for other purposes.
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    Status:Introduced in House
    Words:6,980

    H.R. 9735, titled the “Responsible Budgeting Act,” seeks to amend existing U.S. code to streamline the process of increasing the national debt limit. Under this bill, if Congress adopts a budget resolution with a specific debt-to-GDP ratio, a joint resolution automatically...

    Simple Explanation

    H.R. 9735, called the "Responsible Budgeting Act," is like a rule that lets the country's leaders automatically adjust how much the country can borrow if they agree on a money plan, but if they don't, the President can make a suggestion on how to borrow enough money, and everyone must decide quickly if they agree with the plan.

  • H. R. 187 — To ensure the payment of interest and principal of the debt of the United States.
    Status:Reported in House
    Words:1,256

    H.R. 187, also known as the "Default Prevention Act," is a proposed law aimed at ensuring that the United States can pay its debt when it hits the debt limit. The bill sets up a system where the Secretary of the Treasury must prioritize and manage payments in different tiers,...

    Simple Explanation

    Imagine the United States has a giant piggy bank to pay for important things like medicine, soldiers, and keeping America safe. The Default Prevention Act wants to make sure that even if the piggy bank runs low, the most important things get paid first and everyone knows how the money is spent by sending reports every week.

  • H. J. RES. 2 — Proposing a balanced budget amendment to the Constitution of the United States.
    Status:Introduced in House
    Words:207

    H. J. RES. 2 proposes an amendment to the United States Constitution requiring that government spending does not exceed its income each fiscal year, effectively mandating a balanced budget. The amendment also states that any increase in the public debt of the United States is...

    Simple Explanation

    The bill is like a rule for the country's money, saying the government can't spend more than it earns each year, like how someone shouldn't spend more than they have in their piggy bank. It also says the government needs a lot of people to agree if it wants to make new ways to collect money, like taxes.