Amends the Congressional Budget Act of 1974 to revise the contents of the concurrent resolution on the budget to include a heading entitled "Debt Increase as Measure of Deficit" to set forth the amounts by which the current $14.294 trillion public debt limit shall increase in each of such years.
Declares that, upon passage in the House of Representatives of the conference report on any concurrent budget resolution, it shall be immediately in order for the House to consider a privileged bill offered by the chairman of the Committee on the Budget amending the public debt limit at the level proposed under the "Debt Increase as Measure of Deficit" heading for the budget resolution's fiscal year. Limits to one hour any debate on the bill. Prohibits the measure from being amendable and a motion to commit from being in order.
Applies similar procedures for Senate consideration of the House passed bill.
Makes it out of order in the Senate to consider the bill before the passage of the conference report on the budget resolution for its fiscal year.
Increases the public debt limit from $14,294,000,000,000 to $17,072,810,000,000.