[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 798 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 798

To prohibit the issuance of new public debt obligations after December 
                               31, 2001.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 1997

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

_______________________________________________________________________

                                 A BILL


 
To prohibit the issuance of new public debt obligations after December 
                               31, 2001.

    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 1997''.

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

    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.

SEC. 3. SPECIAL RULE.

    Upon the enactment of a bill or joint resolution declaring war or a 
national emergency, section 1 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.
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