[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2586 Reported in House (RH)]
Union Calendar No. 176
104th CONGRESS
1st Session
H. R. 2586
[Report No. 104-325]
_______________________________________________________________________
A BILL
To provide for a temporary increase in the public debt limit, and for
other purposes.
_______________________________________________________________________
November 7, 1995
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
Union Calendar No. 176
104th CONGRESS
1st Session
H. R. 2586
[Report No. 104-325]
To provide for a temporary increase in the public debt limit, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 7, 1995
Mr. Archer introduced the following bill; which was referred to the
Committee on Ways and Means
November 7, 1995
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Omit the part struck through and insert the part printed in italic]
_______________________________________________________________________
A BILL
To provide for a temporary increase in the public debt limit, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. TEMPORARY INCREASE IN PUBLIC DEBT LIMIT.
Subsection (b) of section 3101 of title 31, United States Code, is
amended by adding at the end the following new sentence: ``During the
period after the date of the enactment of this sentence, the preceding
sentence shall be applied by substituting for the dollar amount
contained therein--
``(1) <DELETED>`$4,950,000,000,000'
</DELETED>`$4,967,000,000,000' for the portion of such period
before December 13, 1995, and
``(2) `$4,800,000,000,000' after December 12, 1995.''
SEC. 2. APPLICABILITY OF PUBLIC DEBT LIMIT TO FEDERAL TRUST FUNDS AND
OTHER FEDERAL ACCOUNTS.
(a) Protection of Federal Funds.--Notwithstanding any other
provision of law--
(1) no officer or employee of the United States may--
(A) delay the deposit of any amount into (or delay
the credit of any amount to) any Federal fund or
otherwise vary from the normal terms, procedures, or
timing for making such deposits or credits, or
(B) refrain from the investment in public debt
obligations of amounts in any Federal fund,
if a purpose of such action or inaction is to not increase the
amount of outstanding public debt obligations, and
(2) no officer or employee of the United States may
disinvest amounts in any Federal fund which are invested in
public debt obligations if a purpose of the disinvestment is to
reduce the amount of outstanding public debt obligations.
(b) Protection of Benefits and Expenditures for Administrative
Expenses.--
(1) In general.--Notwithstanding subsection (a), during any
period for which cash benefits or administrative expenses would
not otherwise be payable from a covered benefits fund by reason
of an inability to issue further public debt obligations
because of the applicable public debt limit, public debt
obligations held by such covered benefits fund shall be sold or
redeemed only for the purpose of making payment of such
benefits or administrative expenses and only to the extent cash
assets of the covered benefits fund are not available from
month to month for making payment of such benefits or
administrative expenses.
(2) Issuance of corresponding debt.--For purposes of
undertaking the sale or redemption of public debt obligations
held by a covered benefits fund pursuant to paragraph (1), the
Secretary of the Treasury may issue corresponding public debt
obligations to the public, in order to obtain the cash
necessary for payment of benefits or administrative expenses
from such covered benefits fund, notwithstanding the public debt limit.
(3) Advance notice of sale or redemption.--Not less than 3
days prior to the date on which, by reason of the public debt
limit, the Secretary of the Treasury expects to undertake a
sale or redemption authorized under paragraph (1), the
Secretary of the Treasury shall report to each House of the
Congress and to the Comptroller General of the United States
regarding the expected sale or redemption. Upon receipt of such
report, the Comptroller General shall review the extent of
compliance with subsection (a) and paragraphs (1) and (2) of
this subsection and shall issue such findings and
recommendations to each House of the Congress as the
Comptroller General considers necessary and appropriate.
(c) Public Debt Obligation.--For purposes of this section, the term
``public debt obligation'' means any obligation subject to the public
debt limit established under section 3101 of title 31, United States
Code.
(d) Federal Fund.--For purposes of this section, the term ``Federal
fund'' means any Federal trust fund or Government account established
pursuant to Federal law to which the Secretary of the Treasury has
issued or is expressly authorized by law directly to issue obligations
under chapter 31 of title 31, United States Code, in respect of public
money, money otherwise required to be deposited in the Treasury, or
amounts appropriated.
(e) Covered Benefits Fund.--For purposes of subsection (b), the
term ``covered benefits fund'' means any Federal fund from which cash
benefits are payable by law in the form of retirement benefits,
separation payments, life or disability insurance benefits, or
dependent's or survivor's benefits, including (but not limited to) the
following:
(1) the Federal Old-Age and Survivors Insurance Trust Fund;
(2) the Federal Disability Insurance Trust Fund;
(3) the Civil Service Retirement and Disability Fund;
(4) the Government Securities Investment Fund;
(5) the Department of Defense Military Retirement Fund;
(6) the Unemployment Trust Fund;
(7) each of the railroad retirement funds and accounts;
(8) the Department of Defense Education Benefits Fund and
the Post-Vietnam Era Veterans Education Fund; and
(9) the Black Lung Disability Trust Fund.
SEC. 3. CONFORMING AMENDMENTS.
Subsections (j), (k), and (l) of section 8348 of title 5, United
States Code, and subsections (g) and (h) of section 8438 of such title
are hereby repealed.