Debt Man Walking: Translating the Debt Bill's Third Title

Title III (p. 31)- Debt Ceiling Disapproval Process
Section 301- Debt Ceiling Disapproval Process
This section amends previous legislation to accommodate the budget bill and it's two-tier debt increase process (once for 400 billion, the second for 500 billion). Additionally states that if we get to within 100 billion of the new limit, the President can ask for an additional 1.2-1.5 trillion in debt ceiling increases- though he'll need the Secretary of the Treasury and/or the Archivist of the United States (really?) to back him up on it (Sec 301, (a)(2)).

• The Congress can block that second 500 billion increase if they pass a resolution of disapproval within 15 days of the 400 billion increase- but those 15 days count whether or not Congress is in session.
• The Speaker is supposed to reconvene Congress within two calendar days of getting notice of the 400 billion increase, I think.
• If the House wants to forge a joint resolution of disapproval, they have to take a vote on it within six days of the resolution being introduced, and by that point there can be no more legislative delay tomfoolery; it gets its up or down vote.
• The Senate works a little differently, but most of the basics are the same. They've got two days to reconvene (if they're on vacation); they have to move on it within six days of it being introduced; they will then have ten hours of debate once the joint motion is brought to the floor, after which time there can be no more delays and they have to vote on it.
• If they don't get a joint resolution going of their own, then whatever the House sends them gets expedited consideration.

If the Congress passes their joint measure of displeasure, and then overcomes Obama vetoing it or otherwise trying to kill it, then further debt increases don't take place, AND spending must be cut by 400 billion to match the ceiling raise of 400 billion that DID pass.

Section 302- Enforcement of Budget Goal
This section amends the Deficit Control Act of 1985 to account for the new limits on discretionary spending both on defense and nondefense categories.