Responsible Budgeting Act

The Responsible Budgeting Act (HR 1092) changes how the U.S. debt ceiling can be raised. It requires Congress to adopt a budget resolution that reduces the projected debt-to-GDP ratio by at least 5 percentage points over 10 years to automatically increase the debt ceiling. If Congress fails to adopt such a resolution by a deadline, the President can submit a debt reduction proposal meeting this target, triggering an automatic debt ceiling increase after 30 days unless Congress passes a joint resolution disapproving it within that timeframe. The bill establishes expedited procedures for Congress to consider and vote on debt reduction proposals, with strict requirements for any proposal to meet the required debt reduction target.