Debt Ceiling Reform Act

Hozzl · 2023-12-15T15:59:11Z

Explore the details of House Bill 3953 Debt Ceiling Reform Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Economics and Public Finance. Stay informed on legislative developments.

12/15/2023, 3:59 PM

Summary of Bill HR 3953

Bill 118 HR 3953, also known as the Debt Ceiling Reform Act, is a piece of legislation introduced in the US Congress aimed at reforming the process by which the federal government raises its debt ceiling. The debt ceiling is the maximum amount of money that the government is allowed to borrow to fund its operations and pay its bills.

The main purpose of this bill is to streamline and simplify the process of raising the debt ceiling, which has historically been a contentious and politically charged issue. Under the current system, Congress must pass legislation to raise the debt ceiling whenever the government approaches its limit, leading to frequent standoffs and potential government shutdowns.

The Debt Ceiling Reform Act proposes to automatically raise the debt ceiling whenever the government reaches a certain threshold, eliminating the need for Congress to take action. This threshold would be determined based on factors such as the government's spending levels and revenue projections. Proponents of the bill argue that this automatic mechanism would help prevent unnecessary political battles over the debt ceiling and ensure that the government can continue to operate smoothly without the threat of defaulting on its obligations. Critics, however, raise concerns about giving up congressional oversight of the debt ceiling and the potential for unchecked government spending. Overall, the Debt Ceiling Reform Act represents an attempt to address a longstanding issue in a more efficient and less contentious manner. It remains to be seen whether this legislation will garner enough support to pass both houses of Congress and be signed into law by the President.

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Current Status of Bill HR 3953

Bill HR 3953 is currently in the status of Bill Introduced since June 9, 2023. Bill HR 3953 was introduced during Congress 118 and was introduced to the House on June 9, 2023. Bill HR 3953's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of June 9, 2023

Bipartisan Support of Bill HR 3953

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

110

Democrat Cosponsors

110

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3953

Primary Policy Focus

Economics and Public Finance

Alternate Title(s) of Bill HR 3953

Debt Ceiling Reform ActDebt Ceiling Reform ActTo amend chapter 31 of title 31, United States Code, to provide procedures for congressional disapproval of the issuance of additional debt.

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