To increase the statutory limit on the public debt and to require House and Senate votes on constitutional amendments to balance the Federal budget and to restrict new entitlement 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 “$19,250,000,000,000”.

Within 45 days after the date of enactment of this Act, the House of Representatives and the Senate shall each vote upon a proposed amendment to the Constitution of the United States entitled “Joint resolution proposing a balanced budget amendment to the Constitution of the United States” or entitled “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”. If such vote fails to achieve a two-thirds majority in either House of Congress then there shall be a vote in that House of Congress on either such amendment within 90 days.