After an initial $400 billion increase in the debt ceiling, another $500 billion would be authorized under the bill around late September unless Congress passes a resolution of disapproval.

Spending cuts of $917 billion are also required over 10 years, although many of these are cuts to planned spending. For example, the bill's spending caps would cut just $7 billion in in 2012 compared to 2011, and would require spending just $3 billion in 2013 compared with 2011.

After that, a 12-member congressional committee would be required to find up to $1.5 trillion in new cuts over 10 years. If they succeed, another $1.5 trillion increase in the debt ceiling would be allowed. If they fail, a minimum $1.2 trillion increase in the debt ceiling is permitted, and forced cuts matching that amount would be made.

The House meets in a pro-forma session today at 10 a.m., but otherwise has started its August break and has no plans to return until planned votes on Sept. 7.