[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2931 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2931

 To amend title 31, United States Code, to eliminate the statutory cap 
 on the public debt and to place limitations on the purposes for which 
                       public debt may be issued.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2011

  Mr. Nadler (for himself, Mr. Johnson of Georgia, Mr. Moran, and Mr. 
 Blumenauer) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend title 31, United States Code, to eliminate the statutory cap 
 on the public debt and to place limitations on the purposes for which 
                       public debt may be issued.

    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 ``Full Faith and Credit Act of 2011''.

SEC. 2. LIMITATION ON OBLIGATIONS.

    (a) In General.--Section 3101 of title 31, United States Code, is 
amended to read as follows:
``Sec. 3101. Limitation on obligations
    ``Obligations may only be issued under this chapter to fund 
commitments incurred by the Federal Government that require current 
funding.''.
    (b) Conforming Amendments.--
            (1) Section 3130(e)(2) of title 31, United States Code, is 
        amended by inserting ``, as in effect on the day before the 
        date of the enactment of the Full Faith and Credit Act of 
        2011'' before the period at the end.
            (2) The table of contents for chapter 31 of title 31, 
        United States Code, is amended by amending the item relating to 
        section 3101 to read as follows:

``3101. Limitation on obligations.''.
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