Protect Our CREDIT Act of 2023
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S 212 — Protect Our CREDIT Act of 2023
Last action — Read twice and referred to the Committee on Finance.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2023 or the Protect Our CREDIT Act of 2023 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.
Bill Text
- Introduced Introduced in Senate Current html February 01, 2023
AI-generated reading aid from the bill's amendatory text — verify against the official bill.
The bill adds a new mechanism for presidential modification of the debt ceiling and procedural rules for Congress regarding disapproval resolutions.
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31 U.S.C. 3101
or 3101B
Expands the sections under which the debt ceiling can be modified.
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31 U.S.C. 3101
Sec. 3101B. Additional Presidential modification of the debt ceiling...
Establishes a new section allowing the President to submit certifications to modify the debt ceiling.
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31 U.S.C. 3101B
that is introduced during the period-- (A) beginning on the date a certification...
Defines the parameters for submitting a joint resolution regarding the President's increase of the debt limit.
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31 U.S.C. 3101B
Before the beginning of each fiscal year, the President shall submit to Congress...
Requires annual submission by the President of the expected debt obligations.
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31 U.S.C. 3101B
If the President determines during a fiscal year that the debt subject to limit...
Mandates submission of additional certifications if the debt approaches the limit.
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31 U.S.C. 3101B
If a joint resolution is not enacted...the limit under section 3101(b) is increased...
Establishes that inaction by Congress on disapproval resolutions will increase the debt limit.
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31 U.S.C. 3101B
If a joint resolution is enacted...the limit under section 3101(b)...shall not be increased...
Prevents increase of the debt limit if Congress passes a disapproval resolution.
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31 U.S.C. 3101B
Section 3101(b) shall not apply for the period--
Suspends the debt limit process under certain conditions when a certification is submitted.
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31 U.S.C. 3101B
A committee of the House of Representatives to which a joint resolution is referred...
Expedites the reporting and consideration process for joint resolutions in the House.
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31 U.S.C. 3101B
Upon introduction in the Senate, a joint resolution shall be immediately placed on the calendar.
Ensures prompt placement of joint resolutions in the Senate for consideration.
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31 U.S.C. 3101B
The joint resolution shall be considered as read.
Streamlines the debate and consideration process for joint resolutions in Congress.
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31 U.S.C. 3101B
If, before passing the joint resolution, one House receives from the other a joint resolution...
Establishes rules for handling joint resolutions received from the other House.
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31 U.S.C. 3101B
If Congress passes a joint resolution, the period... shall be disregarded in computing the legislative day period...
Modifies time calculations for legislative days in relation to joint resolutions.
Action History
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Introduced in Senate
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Read twice and referred to the Committee on Finance.
Sponsors
- Tim Kaine · Cosponsor
- Dianne Feinstein · Cosponsor
- Christopher A. Coons · Cosponsor
- Chris Van Hollen · Cosponsor
- Jeanne Shaheen · Cosponsor
- Jeff Merkley · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 5 co-sponsors · 541 not signed on
Sponsors (1)
- Merkley, Jeff Democratic
Co-sponsors (5)
- Kaine, Tim Democratic
- Feinstein, Dianne Democratic
- Coons, Christopher A. Democratic
- Van Hollen, Chris Democratic
- Shaheen, Jeanne Democratic
Not signed on (541)
541 members have not signed on to this bill.
Show all 541 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does S 212 do?
- Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2023 or the Protect Our CREDIT Act of 2023 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.
- Who sponsors S 212?
- S 212 is sponsored by Kaine, Tim (Democratic), Feinstein, Dianne (Democratic), Coons, Christopher A. (Democratic), Van Hollen, Chris (Democratic), Shaheen, Jeanne (Democratic), and Merkley, Jeff (Democratic).
- What is the current status of S 212?
- This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track S 212?
- Track S 212 free on One Click Politics — get push/email alerts when it moves.
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