[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2920 Introduced in House (IH)]

  2d Session
                                H. R. 2920

  To limit the issuance of public debt obligations after December 31, 
  2001, and to impose maximum limits on the amount of the public debt 
                                 limit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 31, 1996

    Mr. Smith of Michigan (for himself, Mr. Solomon, and Mr. Shays) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To limit the issuance of public debt obligations after December 31, 
  2001, and to impose maximum limits on the amount of the public debt 
                                 limit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Balanced Budget Act of 1995''.

SEC. 2. LIMITATION ON ISSUANCE OF PUBLIC DEBT OBLIGATIONS AFTER 
              DECEMBER 31, 2001.

    (a) In General.--No obligation subject to the limitation under 
section 3101(b) of title 31, United States Code, may be issued to the 
public after December 31, 2001. The preceding sentence shall not apply 
to any obligation (or series of obligations) issued to refund an 
obligation issued before January 1, 2002.
    (b) Special Rule.--Upon the enactment of a joint resolution 
declaring a national emergency, subsection (a) is suspended for the 6-
month period beginning upon such date of enactment. Congress and the 
President may, by law, extend such 6-month period if such declaration 
of war or national emergency is still in effect.

SEC. 3. LIMITATION ON AMOUNT OF PUBLIC DEBT LIMIT.

    Notwithstanding any other provision of law, an increase in the 
limitation under section 3101(b) of title 31, United States Code, shall 
not be effective to the extent such limitation after such increase is 
greater than--
            (1) $5,432,000,000,000 during the period beginning on 
        October 1, 1997, and ending on September 30, 1999, or
            (2) $5,908,000,000,000 during the period after September 
        30, 1999.
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