Terms of Credit Act
This bill establishes expedited legislative procedures for spending reduction legislation, limits regulatory activity, and increases the debt limit.
Eleven House committees must submit to the House Budget Committee legislation to reduce direct spending by specified amounts, and Congress must consider the legislation using expedited procedures. The bill restricts legislative activities and adjournment of the House until the spending reduction legislation and appropriations legislation is passed.
Congress must vote on a balanced budget amendment to the U.S. Constitution by December 31, 2015.
Regulatory Freeze for Jobs Act of 2015
Until July 1, 2017, the bill imposes a moratorium on significant regulatory actions that are likely to result in an annual cost to the economy of at least $50 million or adversely affect the economy or a sector of the economy, productivity, competition, jobs, the environment, public health or safety, small entities, or state, local, or tribal governments or communities.
Midnight Rule Relief Act of 2015
Agencies may not propose or finalize certain rules during the final months of a President's term.
The bill includes an exception for repealing existing regulations and permits waivers for specified regulations.
The bill also increases the debt limit to $19.6 trillion. (Under current law the debt limit is suspended through March 15, 2017, and will be increased on March 16, 2017, to accommodate obligations issued during the suspension period.)