To increase the statutory limit on the public debt only upon the certification by the President of the submission to the States for their ratification of the proposed amendment to the Constitution of the United States to balance the Federal Budget or limit Federal spending.

Increases the current public debt limit from $14.294 trillion to $16.994 trillion after the President certifies and submits to the states for ratification a joint resolution entitled:

• "Joint resolution proposing a balanced budget amendment to the U.S. Constitution,"
• "Joint resolution proposing a spending limit amendment to the U.S. Constitution," or
• "Joint resolution proposing an amendment to the U.S. Constitution to restrict the power of Congress to enact legislation increasing any amount spent under entitlement programs or creating new entitlement programs."