A group of Democratic and Republican senators/congressman (equally split) who will propose ways to reduce the debt. This includes potential tax increases/revenue changes and spending cuts. If both sides can't come to an agreement, there will be cuts equalling the increase in debt ceiling, with 50% of that money coming from the pentagon and 50% coming from entitlements.
If the 'super congress' does come to an agreement and forms a proposal, their proposal will only require an up or down vote in the House and Senate (meaning no 60 vote faggotry for senate passage).