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Debt Limit (Statutory Limit on the Public Debt)

The total amount of money the United States government is allowed to borrow to meet its existing legal obligations, like paying Social Security benefits, military salaries, and interest on the national debt.

Concurrent Resolution on the Budget

A plan adopted by both the House and Senate that sets overall spending and revenue targets for the federal government in a given fiscal year, but it does not become law and is not signed by the President.

Required Ratio

A specific financial goal set by this bill, meaning a budget resolution must show a reduction of at least 5 percentage points in the projected ratio of debt held by the public to the Gross Domestic Product (GDP) over a ten-year period.

Joint Resolution of Disapproval

A specific type of resolution that both the House and Senate must pass to block an action, such as a Presidential debt limit increase, and which would then go to the President to be signed or vetoed.

Debt Held by the Public

The portion of the national debt that is owed to investors outside of the government, including individuals, corporations, state or local governments, and foreign governments.

Gross Domestic Product (GDP)

The total value of all goods and services produced within a country's borders in a specific period, used as a measure of the size and health of the economy.