[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 226 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
S. RES. 226

Expressing the sense of the Senate that the President does not have the 
authority to ignore the statutory debt limit by ordering the Secretary 
 of the Treasury to continue issuing debt on the full faith and credit 
                         of the United States.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              July 7, 2011

   Mr. Graham (for himself, Mr. Cornyn, Mr. McCain, Ms. Ayotte, Mr. 
   Isakson, Mr. Coats, Mr. Inhofe, Mr. Sessions, Mr. Chambliss, Mr. 
  Barrasso, Mr. Johanns, Ms. Murkowski, and Mr. Risch) submitted the 
  following resolution; which was referred to the Committee on Finance

_______________________________________________________________________

                               RESOLUTION


 
Expressing the sense of the Senate that the President does not have the 
authority to ignore the statutory debt limit by ordering the Secretary 
 of the Treasury to continue issuing debt on the full faith and credit 
                         of the United States.

Whereas clause 2 of section 8 of article I of the Constitution of the United 
        States gives Congress the power ``[t]o borrow Money on the credit of the 
        United States'';
Whereas the 14th Amendment to the Constitution of the United States says, ``The 
        validity of the public debt of the United States, authorized by law, 
        including debts incurred for payment of pensions and bounties for 
        services in suppressing insurrection or rebellion, shall not be 
        questioned.'';
Whereas Congress has historically limited the Federal debt, either by 
        specifically authorizing the issuance of new debt instruments, or 
        through imposing an aggregate limit on Federal debt;
Whereas the statutory debt limit was established by an Act of Congress and 
        signed into law by the President in 1982; and
Whereas the debt subject to limit has been increased through an Act of Congress 
        and Presidential signature 38 times since 1982: Now, therefore, be it
    Resolved, That it is the Sense of the Senate that the President 
does not have the authority to ignore the statutory debt limit by 
ordering the Secretary of the Treasury to continue issuing debt on the 
full faith and credit of the United States.
                                 <all>