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.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting “$16,994,000,000,000” 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 described in section 2.

The amendment made by section 1 shall not take effect unless and until the date upon which the President certifies the Archivist of the United States has submitted to the States for their ratification a proposed amendment to the Constitution of the United States pursuant to a joint resolution entitled “Joint resolution proposing a balanced budget amendment to the Constitution of the United States”, “Joint resolution proposing a spending limit amendment to the Constitution of the United States”, or “Joint resolution proposing an amendment to the Constitution of the United States to restrict the power of Congress to enact legislation increasing any amount spent under entitlement programs or creating new entitlement programs”.