To rescind discretionary appropriations in the event of a debt ceiling crisis period and to honor the full faith and credit of the debts of the United States in the event of a debt ceiling crisis.

SA 91. Mr. BRAUN submitted an amendment intended to be proposed by
him to the bill H.R. 3746, to provide for a responsible increase to the
debt ceiling; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. RESCISSION OF DISCRETIONARY SPENDING AND HONORING
DEBTS DURING A DEBT CEILING CRISIS.

(a) Definitions.--In this section:
(1) Current fiscal year.--The term ``current fiscal year''
means the fiscal year during which the applicable rescission
of discretionary appropriations under subsection (b) occurs.
(2) Debt ceiling crisis period.--The term ``debt ceiling
crisis period'' means a period--
(A) beginning on the date on which, but for subsection (c),
the Secretary of the Treasury would not be able to issue
obligations under chapter 31 of title 31, United States Code,
or other obligations whose principal and interest are
guaranteed by the United States Government, because of the
limit on the face amount of such obligations that may be
outstanding at one time under section 3101(b) of title 31,
United States Code; and
(B) ending on date on which the first measure suspending or
increasing the limit under section 3101(b) of title 31,
United States Code, is enacted into law after the date
described in subparagraph (A).
(3) Discretionary appropriations.--The term ``discretionary
appropriations'' has the meaning given such term in section
250(c) of the Balanced Budget and Emergency Deficit Control
Act of 1985 (2 U.S.C. 900(c)).
(b) Rescission of Discretionary Spending.--For each
discretionary appropriations account, effective on first day
of a debt ceiling crisis period, and every 30 days thereafter
until the end of the debt ceiling crisis period, 1 percent of
the amount provided for the discretionary appropriations
account under the appropriation Act for the current fiscal
year is permanently rescinded.
(c) Temporary Suspension of Debt Ceiling.--
(1) In general.--Section 3101(b) of title 31, United States
Code, shall not apply for the period--
(A) beginning on the first day of a debt ceiling crisis
period; and
(B) ending on the last day of the debt ceiling crisis
period.

[[Page S1850]]

(2) Special rule relating to obligations issued during
extension period.--Effective on the last day of a debt
ceiling crisis period, the limitation in effect under section
3101(b) of title 31, United States Code, shall be increased
to the extent that--
(A) the face amount of obligations issued under chapter 31
of such title and the face amount of obligations whose
principal and interest are guaranteed by the United States
Government (except guaranteed obligations held by the
Secretary of the Treasury) outstanding on the first day of
the debt ceiling crisis period; exceeds
(B) the face amount of such obligations outstanding on the
last day of the debt ceiling crisis period.
(3) Extension limited to necessary obligations.--An
obligation shall not be taken into account under paragraph
(2)(A) unless the issuance of such obligation was necessary
to fund a commitment incurred pursuant to law by the Federal
Government that required payment on or before the last day of
the applicable debt ceiling crisis period.
(d) Reports.--
(1) In general.--Not later than 30 days after the first day
of a debt ceiling crisis period, and every 30 days thereafter
until the date that is 30 days after the end of the debt
ceiling crisis period, the Director of the Office of
Management shall submit to Congress a report detailing the
rescission of discretionary appropriations under subsection
(b) with respect to the debt ceiling crisis period.
(2) Review by gao.--Not later than 90 days after the date
on which the Director of the Office of Management and Budget
submits each report under paragraph (1), the Comptroller
General of the United States shall submit to Congress a
report evaluating the description of the rescission of
discretionary appropriations in the report by the Director of
the Office of Management and Budget.
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