This is how the Speaker’s office explains the new version of the Budget Control Act:
‣Bill currently has a two-step process for raising the debt ceiling.
‣As currently written, before POTUS can request second tranche of increased debt authority, Select Committee must produce spending cuts larger than the debt hike.
‣Change to bill would specify that before POTUS can request second tranche of debt authority, Select Committee must produce spending cuts larger than the hike AND a Balanced Budget Amendment must be sent to the states.