Pay Our Bills Act
This bill permits the President to increase the statutory debt limit unless two-thirds of Congress votes to disapprove the increase.
If the President certifies to Congress that the debt is within $100 billion of the limit and a specified amount of further borrowing is necessary to meet existing commitments, the Department of the Treasury may borrow the specified amount unless a joint resolution of disapproval is enacted within 15 days after Congress receives the certification.
The debt limit is suspended from the date the President submits the certification to Congress until the earlier of: (1) 15 days after Congress receives the certification, or (2) enactment of a joint resolution of disapproval. After the suspension period ends, the limit is increased to accommodate obligations issued during the suspension period.
Congress must consider a joint resolution of disapproval using expedited legislative procedures specified in the bill. If the resolution is approved by Congress, the President may veto the resolution. If Congress votes to override the veto with a two-thirds vote of each chamber, the debt limit may not be increased, except as required during the suspension period.