Durbin Joins Merkley, Boyle To Introduce Legislation To End Cycle Of Republican Default Brinkmanship

WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL) joined U.S. Senator Jeff Merkley (D-OR) and U.S. Representative Brendan F. Boyle (D-PA-02) to introduce legislation, theDebt Ceiling Reform Act, which would end the political brinkmanship around the debt ceiling and allow for a process to suspend the debt ceiling, subject to a congressional override. President Trumpsignaled his supportmultiple timesfor scrapping the debt ceiling to avoid an “economic catastrophe.”

“Time and time again, we have come far too close to a catastrophic default crisis, proving that our current debt ceiling process is broken and unsustainable. For the sake of the American people and for the good of our economy, we need legislation to reform the way we address the debt ceiling. TheDebt Ceiling Reform Actis responsible, common sense legislation that will give the Treasury the authority to suspend the debt ceiling, absent a resolution of disapproval from Congress,”said Durbin.“President Trump has repeatedly called to abolish the debt ceiling. If Republicans are truly concerned about the economic well-being of America, they will work with us on this sensible solution.”

The idea of having the President increase the debt ceiling, subject to a vote of congressional disapproval, was originally proposed by then-Senate Minority Leader Mitch McConnell. McConnell’s proposal was incorporated into theBudget Control Act of 2011, which, enacted in August of that year, authorized the president to increase the debt ceiling in three installments. While the broaderBudget Control Acthad numerous flaws, the mechanism proposed under the McConnell plan was key to avoiding a disastrous debt default.

TheDebt Ceiling Reform Actwould reform the process of raising the debt ceiling by making the following changes:
· Allows the Treasury Secretary to initiate a process to suspend, or continue to suspend, the debt limit.

· As early as 60 days prior to reaching the debt limit, the Treasury Secretary could submit a certification to Congress to suspend the debt limit for up to two years. This process must begin at least 46 days before reaching the debt limit or the suspension of the debt limit expires.

· The debt ceiling suspension would take effect 46 calendar days after Congress receives the certification, unless Congress passes, and the President signs, a joint resolution of disapproval within 45 calendar days of the certification.

· The joint resolution of disapproval would be a privileged motion qualifying for expedited consideration by Congress.

· If theDebt Ceiling Reform Actis enacted during a period where the debt limit is not suspended, it would require the Treasury Secretary to submit a certification to Congress to suspend the debt limit forup to two years within 10 days of enactment.

In addition to Durbin and Merkely, U.S. Senator Tim Kaine (D-VA) is also cosponsoring the legislation.

-30-