[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 290 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 290

 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

                            January 15, 2013

    Mr. Nadler (for himself, Mr. Johnson of Georgia, Mr. Moran, Mr. 
 Blumenauer, Ms. Schakowsky, Mr. Ellison, Ms. McCollum, and Mr. Welch) 
 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 2013''.

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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