I 112th CONGRESS 1st Session H. R. 2931 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.

1.

Short title

This Act may be cited as the Full Faith and Credit Act of 2011.

2.

Limitation on obligations

(a)

In general

Section 3101 of title 31, United States Code, is amended to read as follows:

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. .