The "Responsible Budgeting Act" introduces significant changes to the process of adjusting the federal debt limit, aiming to link debt limit increases with fiscal responsibility. It establishes two primary pathways for modifying the statutory limit on public debt. The bill seeks to streamline the process while encouraging Congress and the President to address long-term debt. Under the first pathway, the debt limit would automatically increase if Congress adopts a concurrent budget resolution that meets a specific fiscal target. This target, termed the "required ratio," mandates a reduction of at least 5 percentage points in the projected ratio of debt held by the public to Gross Domestic Product in the tenth fiscal year. The vote on such a budget resolution would simultaneously serve as the vote to increase the debt limit, bypassing a separate, often contentious, vote. The second pathway grants the President authority to increase the debt limit if Congress fails to adopt a qualifying budget resolution by a specified deadline. In such a scenario, the President must submit a written notification to Congress, accompanied by a legislative debt reduction proposal that also satisfies the "required ratio." This presidential increase would take effect 30 days after notification, unless Congress enacts a joint resolution of disapproval. The bill outlines expedited legislative procedures for Congress to consider such a joint resolution of disapproval, ensuring a swift response to a presidential debt limit increase. Furthermore, it establishes detailed processes for Congress to consider the President's accompanying debt reduction proposal. This includes requirements for the House and Senate Budget Committees to report bills that meet the "required ratio" within 60 days, potentially incorporating the President's plan or other proposals. Both chambers are provided with specific rules for considering these debt reduction proposals, including mechanisms for introducing alternative plans and expedited floor procedures. In the House, a "Queen-of-the-Hill" rule would allow multiple debt reduction bills to be considered, with the one receiving the most votes prevailing. The Senate's procedures include a three-fifths vote requirement to proceed to consideration and provisions to strike "extraneous material" from bills, ensuring a focus on debt reduction.