Congressional Reform Concepts: Debt Ceiling

Congressional Reform Concepts
For Consideration By
A Joint Committee on the Congress of Tomorrow

The following recommendations are the result of conversations that have taken place among several groups and are intended to serve as a framework for short-term and long-term change.

Such a framework would be best achieved through the creation of a bipartisan, bicameral Joint Committee on a Modern Congress, patterned after those created during the last Century for a similar purpose.

DEBT CEILING

• Initiate consideration of identifying national debt limit ceilings as a percentage of Gross Domestic Product (GDP rather than, or in addition to, the actual dollar-amount of the projected ceiling, and include in that consideration limits on Treasury borrowing when debt is projected to be above pre-determined percentages of GDP.
• Provide for quarterly estimates of debt-GDP and an annual estimate that would serve as the index for determination of debt ceiling conditions.

For a complete list of reform concepts, click here.