Amendment to title 31

(a) In general Subchapter I of chapter 31 of title 31, United States Code, is amended by inserting after section 3101A the following: 3101B. Debt limit control (a) Declaration of a debt limit warning (1) In general In the event of a near breach of the public debt limit established by section 3101, the Secretary of the Treasury shall issue a debt limit warning to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives that shall include a determination as to when extraordinary measures may be necessary in order to prolong the funding of the United States Government. (2) Definitions In this subsection: (A) Extraordinary measures The term extraordinary measures means measures that may be taken by the Secretary of the Treasury in the event of a breach of the debt limit by the United States to prolong the function of the United States Government in the absence of a debt limit increase. (B) Near breach The term near breach means the point at which the Secretary of the Treasury determines that the United States Government will reach the statutorily prescribed debt limit within 60 calendar days notwithstanding the implementation of extraordinary measures. (b) Presidential submission of debt limit legislation (1) Savings recommendations from the President Any formal Presidential request to increase the debt limit under this section shall include the amount of the proposed debt limit increase and be accompanied by proposed legislation to reduce spending over the sum of the current and following 10 years by an amount equal to or greater than the amount of the requested debt limit increase. Net interest savings may not be counted towards spending reductions required by this paragraph. (2) Calculation The spending savings under paragraph (1) shall be calculated against a budget baseline consistent with section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 907). This baseline shall exclude the extrapolation of any spending that had been enacted under an emergency designation.. (b) Subchapter analysis The table of sections for chapter 31 of title 31, United States Code, is amended by inserting after the item for section 3101A the following: 3101B. Debt limit control..