To increase the statutory limit on the public debt and to require House and Senate votes on constitutional amendments to balance the Federal budget and to restrict new entitlement spending.
Increases the public debt limit to $19.250 trillion.
Requires the House of Representatives and the Senate each to vote upon a proposed amendment to the Constitution entitled "Joint resolution proposing a balanced budget amendment to the Constitution of the United States" or entitled "Joint resolution proposing an amendment to the Constitution of the United States to restrict the power of Congress to enact legislation increasing any amount spent under entitlement programs or creating new entitlement programs."
States that if such vote fails to achieve a two-thirds majority in either house of Congress then there shall be another vote in that house on either such amendment within 90 days.
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.