A bill to amend the Congressional Budget Act of 1974 to establish a point of order to prohibit an increase or other modification of the public debt limit unless a concurrent resolution on the budget has been agreed to and is in effect.
Budget Before Borrowing Act of 2012 - Amends the Congressional Budget Act of 1974 to make it out of order in both chambers to consider any bill or joint resolution, amendment, or conference report to increase or modify the public debt limit unless a concurrent resolution on the budget has been agreed to and is in effect for the fiscal year during which such measure is being considered.
Permits: (1) waiver or suspension of such prohibition in either chamber only by an affirmative vote of two-thirds of its Members, and (2) its successful appeal from the ruling of the Chair in the Senate only by an affirmative vote of two-thirds of its Members.
Referred to the Committee on Rules, and in addition to the Committee on the Budget, 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.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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