Consideration of the debt reduction proposal submitted by the President

(a) In general Part A of title IV of the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 651 et seq.) is amended by inserting after section 406 the following: 407. Consideration of the debt reduction proposal submitted by the President (a) In general Any debt reduction proposal submitted by the President under section 3101B(a)(2)(A) of title 31, United States Code, is required to satisfy the required ratio as determined by the Office of Management and Budget. (b) Consideration of the President’s proposal in the House of Representatives (1) Introduction Any debt reduction proposal submitted by the President under section 3101B of title 31, United States Code, shall be introduced by the majority or minority leader of the House of Representatives or their designees. Upon introduction, the Chair of the Committee on the Budget shall within 3 days submit the proposal to the Congressional Budget Office to be scored. (2) Referral Any proposal introduced under paragraph (1) shall be referred to the Committee on the Budget of the House of Representatives. (3) Requests by budget committee Not later than 3 days after the date on which a proposal is referred under paragraph (2), the Chair of the Committee on the Budget of the House of Representatives shall submit to each appropriate committee of the House a debt reduction target and a request that, during the 30-day period beginning on the date on which the request is made, the appropriate committee submit to the Committee on the Budget of the House— (A) a general assessment of the proposal introduced under paragraph (1); and (B) a legislative proposal within the committee’s jurisdiction that results in debt reduction meeting or exceeding the target assigned to the committee under this paragraph. (4) Reported legislation by budget committee (A) In general The Committee on the Budget of the House of Representatives shall report a bill that meets the required ratio not later than 60 days after the date on which the President submits a debt reduction proposal under this section. (B) Contents of legislation The bill reported under subparagraph (A) may include— (i) the debt reduction proposal submitted by the President under this section, including any modifications to such proposal by the Committee on Budget of the House of Representatives that are necessary to make it achieve the required ratio; and (ii) the compilation of proposals submitted to the Committee on Budget of the House of Representatives under paragraph (3), including any modifications to such package by such Committee that are necessary to make it achieve the required ratio. (C) CBO score (i) In general No bill may be reported under subparagraph (A) unless the Chair of the Committee on the Budget— (I) submits to the Director of the Congressional Budget Office such bill for a cost estimate to be prepared under section 402; and (II) receives from the Director a cost estimate described in subclause (I) that includes a statement that such bill meets the required ratio. (ii) Time period The 60-day period described in subparagraph (A) shall not include the period beginning on the date on which the Chair of the Committee on the Budget of the House of Representatives submits to the Director of the Congressional Budget Office the bill under clause (i)(I) and ending on the date on which the Chair receives the cost estimate under clause (i)(II). (5) Discharge (A) In general If the Committee on the Budget of the House of Representatives fails to report a bill within 60 days after the referral of the proposal submitted under section 3101B of title 31, United States Code, and such proposal has been determined by the Director to satisfy the required ratio, then the committee shall be discharged from further consideration of the bill that embodies the debt reduction proposal of the President and it shall be referred to the appropriate calendar. (B) Consideration In the House of Representatives, if the Committee on Rules fails to report a rule within 7 legislative days of the bill being placed on the Calendar for the consideration of a bill reported by the Committee on the Budget under paragraph (4) or discharged under subparagraph (A) of this paragraph which has been determined by the Director to satisfy the required ratio, then any Member may offer a privilege resolution providing for the consideration of the bill. Such resolution shall provide that upon its adoption it shall be in order to consider in the House of Representatives the bill. The bill under the procedure set forth in section 408(c) shall be debatable for two hours equally divided and controlled by a proponent and opponent of thereof. The previous question shall be considered as ordered on the bill of final passage without intervening motion except 1 motion to recommit. (c) Consideration of the President's proposal in the Senate (1) Introduction Any debt reduction proposal submitted by the President under section 3101B of title 31, United States Code, shall be introduced by the majority or minority leader of the Senate or their designees. Upon introduction, the Chair of the Committee on the Budget shall within 3 days submit the proposal to the Congressional Budget Office to be scored. (2) Referral Any proposal introduced under paragraph (1) shall be referred to the Committee on the Budget of the Senate. (3) Requests by budget committee (A) Appropriate committees Not later than 3 days after the date on which a proposal is referred under paragraph (2), the Chair of the Committee on the Budget of the Senate shall submit to each appropriate committee of the Senate a debt reduction target and a request that, during the 30-day period beginning on the date on which the request is made, the appropriate committee submit to the Committee on the Budget of the Senate— (i) a general assessment of the proposal introduced under paragraph (1); and (ii) a legislative proposal within the committee’s jurisdiction that results in debt reduction meeting or exceeding the target assigned to the committee under this subparagraph. (B) Other proposals Any Member of the Senate may introduce a bill that meets the required ratio, as determined by the Congressional Budget Office, which shall be referred to the Committee on the Budget of the Senate if the proposal is sponsored by not less than one-fifth of the Members, duly chosen and sworn, including— (i) not fewer than 10 Members who are members of or caucus with the members of the political party of the majority leader of the Senate; and (ii) not fewer than 10 Members who are members of or caucus with any other political party that is not the political party of the majority leader of the Senate. (4) Reported legislation by budget committee (A) In general The Committee on the Budget of the Senate shall report at least one bill that meets the required ratio not later than 60 days after the date on which the President submits a debt reduction proposal under this section. (B) Contents of legislation A bill reported under subparagraph (A) may include— (i) the debt reduction proposal submitted by the President under this subsection, including any modifications to such proposal by the Committee on Budget of the Senate that are necessary to make it achieve the required ratio; (ii) the compilation of proposals submitted to the Committee on Budget of the Senate under subparagraph (3)(A), including any modifications to such package by the Committee on Budget of the Senate that are necessary to make it achieve the required ratio; or (iii) any proposal submitted to the Committee on Budget of the Senate under subparagraph (3)(B). (C) CBO score (i) In general No bill may be reported under subparagraph (A) unless the Chair of the Committee on the Budget— (I) submits to the Director of the Congressional Budget Office such bill for a cost estimate to be prepared under section 402; and (II) receives from the Director a cost estimate described in subclause (I) that includes a statement that such bill meets the required ratio. (ii) Time period The 60-day period described in subparagraph (A) shall not include the period beginning on the date on which the Chair of the Committee on the Budget of the Senate submits to the Director of the Congressional Budget Office the bill under clause (i)(I) and ending on the date on which the Chair receives the cost estimate under clause (i)(II). (5) Discharge If the Committee on the Budget of the Senate has not reported a bill under paragraph (4) before the end of the 60-day period described in that paragraph, the Committee on the Budget of the Senate shall be automatically discharged from further consideration of— (A) the proposal introduced under paragraph (1), which shall be placed on the appropriate calendar; and (B) any proposal submitted under paragraph (3)(B), which shall be placed on the appropriate calendar. (d) Definition In this section and section 408, the term required ratio means the ratio that reduces by not less than 5 percentage points the projected ratio under current law of debt held by the public to Gross Domestic Product in the tenth fiscal year after the current fiscal year. 408. Consideration in the House of Representatives of alternative debt reduction proposals (a) Introduction In the House of Representatives, any bill that satisfies the required ratio as determined by the Congressional Budget Office and does not contain any matter that is unrelated to debt reduction may be introduced by the majority leader, the minority leader, or by any other Member (if that Member’s proposed bill is cosponsored by at least 145 other Members or by at least 20 Members of the majority party and 20 Members of the minority party). (b) Referral to Committee on Rules Any bill introduced under subsection (a) shall be referred to the Committee on Rules. Each such bill shall be scored by the Director of the Congressional Budget Office to determine if such bill satisfies the required ratio. If such bill achieves the required ratio, it shall be reported without amendment to the House for its consideration within 30 calendar days of the date of introduction of the bill. (c) Queen-of-the-Hill rule for consideration In the House of Representatives, any bill described in section 407 and any bill reported under subsection (b) shall be considered in the House of Representatives pursuant to a special order of business if the text of the bill provides that the text of all such bills reported under subsection (b) may be offered as amendments in the nature of a substitute and if more than one such amendment is adopted then the one receiving the greater number of affirmative recorded votes shall be considered as finally adopted. 409. Consideration on the floor of the Senate (a) In general Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order, not later than 5 days of session after the date on which a bill meeting the requirements of section 407(c)(4) is reported from the Committee on the Budget of the Senate or the date on which any proposal is placed on the calendar after discharge under section 407(c)(5), as applicable, for the majority leader of the Senate or a Member of the Senate designated by the majority leader of the Senate to move to proceed to the consideration of the bill. It shall also be in order, notwithstanding Rule XXII of the Standing Rules of the Senate, for any Member of the Senate to move to proceed to the consideration of the bill at any time after the conclusion of such 5-day period. A motion to proceed is in order even though a previous motion to the same effect has been disagreed to. All points of order against the motion to proceed to the bill are waived. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. Consideration of the motion to proceed shall be limited to not more than 10 hours equally divided between the majority leader and the minority leader or their designees. A motion to proceed shall require an affirmative vote of three-fifths of Senators duly chosen and sworn. (b) Extraneous provisions (1) In general When the Senate is considering a bill under subsection (a), upon a point of order being made by any Senator against a extraneous material contained in the joint resolution, and the point of order is sustained by the Chair, the provision that contains the extraneous material shall be stricken from the joint resolution. (2) Extraneous material defined In this subsection, the term extraneous material means— (A) a provision that does not produce a change in outlays or revenue, including changes in outlays and revenues brought about by changes in the terms and conditions under which outlays are made or revenues are required to be collected (but a provision in which outlay decreases or revenue increases exactly offset outlay increases or revenue decreases shall not be considered extraneous by virtue of this subparagraph); or (B) a provision producing changes in outlays or revenues which are merely incidental to the non-budgetary components of the provision. (3) Form of the point of order A point of order under paragraph (1) may be raised by a Senator as provided in section 313(e) of the Congressional Budget Act of 1974 (2 U.S.C. 644(e)). 410. Consideration by other house If a House of Congress receives a bill passed by the other House under section 408 or 409 and has not yet passed a bill under section 408 or 409, the following procedures for consideration shall apply: (1) Expedited consideration in the House of Representatives (A) Proceeding to consideration (i) In general It shall be in order, not later than 30 days after the date on which the House of Representatives receives a bill passed by the Senate under section 409, to move to proceed to consider the bill in the House of Representatives. (ii) Procedure For a motion to proceed to consider a bill under this subparagraph— (I) all points of order against the motion are waived; (II) such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed on the bill; (III) the previous question shall be considered as ordered on the motion to its adoption without intervening motion; (IV) the motion shall not be debatable; and (V) a motion to reconsider the vote by which the motion is disposed of shall not be in order. (B) Consideration If the House of Representatives proceeds to consideration of a bill under this paragraph— (i) the bill shall be considered as read; (ii) all points of order against the bill and against its consideration are waived; (iii) the previous question shall be considered as ordered on the bill to its passage without intervening motion except three hours of debate equally divided and controlled by the proponent and an opponent; (iv) an amendment to the bill shall not be in order; and (v) a motion to reconsider the vote on passage of the bill shall not be in order. (2) Expedited consideration in the Senate (A) Proceeding to consideration (i) In general Notwithstanding rule XXII of the Standing Rules of the Senate, it is in order, not later than 30 days after the date on which the Senate receives a bill passed under section 408 by the House of Representatives, to move to proceed to consider the bill in the Senate. (ii) Procedure For a motion to proceed to the consideration of a bill under this paragraph— (I) all points of order against the motion are waived; (II) the motion is not debatable; (III) the motion is not subject to a motion to postpone; (IV) a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order; and (V) if the motion is agreed to, the bill shall remain the unfinished business until disposed of. (B) Floor consideration generally If the Senate proceeds to consideration of a bill under this paragraph— (i) all points of order against the bill (and against consideration of the bill) are waived; (ii) consideration of the bill, and all debatable motions and appeals in connection therewith, shall be limited to not more than 20 hours, which shall be divided equally between the majority and minority leaders or their designees; (iii) a motion further to limit debate is in order and not debatable; (iv) an amendment to, a motion to postpone, or a motion to recommit the bill is not in order; and (v) a motion to proceed to the consideration of other business is not in order. (C) Vote on passage The vote on passage of a bill under this paragraph shall occur immediately following the conclusion of the consideration of the bill, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, and shall require an affirmative vote of three-fifths of the Members of the Senate duly chosen and sworn. (3) Conferences If the Senate and the House of Representatives have both passed the bill in different forms, then a conference committee on the bill shall be considered as ordered and the Speaker of the House of Representatives and the majority leader of the Senate shall immediately appoint Managers to such conference committee to resolve any disagreement between the Houses.. (b) Clerical amendment The table of contents in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by inserting after the item relating to section 406 the following: Sec. 407. Consideration of the debt reduction proposal submitted by the President. Sec. 408. Consideration in the House of Representatives of alternative debt reduction proposals. Sec. 409. Consideration on the floor of the Senate. Sec. 410. Consideration by other house..