[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2156 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2156

     To provide for a temporary increase in the public debt limit.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 20, 2003

  Mr. Rangel introduced the following bill; which was referred to the 
 Committee on Ways and Means, and in addition to the Committee on the 
 Budget, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
     To provide for a temporary increase in 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. TEMPORARY INCREASE IN PUBLIC DEBT LIMIT.

    (a) Temporary Increase in Debt Limit.--During the debt limit 
increase period, the public debt limit set forth in subsection (b) of 
section 3101 of title 31, United States Code, shall be temporarily 
increased by $375,000,000,000.
    (b) Balanced Budget Requirement.--Not later than August 31, 2003, 
the President shall submit a 10-year plan to the Congress that will 
bring the Federal unified budget into balance by fiscal year 2008 and, 
thereafter, make uninterrupted progress in reducing the use of Social 
Security trust fund surpluses to finance a deficit in the non-Social-
Security budget.
    (c) Debt Limit Increase Period.--For purposes of this section, the 
term ``debt limit increase period'' means the period beginning on the 
date of the enactment of this Act and ending on--
            (1) August 31, 2003, in the case that the President fails 
        to comply with subsection (b), or
            (2) September 30, 2003, in the case that the President 
        complies with subsection (b).
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