[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 540 Enrolled Bill (ENR)]

        S.540

                     One Hundred Thirteenth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

           Begun and held at the City of Washington on Friday,
           the third day of January, two thousand and fourteen


                                 An Act


 
  To temporarily extend the public debt limit, and for other purposes.

    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 ``Temporary Debt Limit Extension 
Act''.
SEC. 2. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.
    (a) In General.--Section 3101(b) of title 31, United States Code, 
shall not apply for the period beginning on the date of the enactment 
of this Act and ending on March 15, 2015.
    (b) Special Rule Relating to Obligations Issued During Extension 
Period.--Effective March 16, 2015, the limitation in effect under 
section 3101(b) of title 31, United States Code, shall be increased to 
the extent that--
        (1) the face amount of obligations issued under chapter 31 of 
    such title and the face amount of obligations whose principal and 
    interest are guaranteed by the United States Government (except 
    guaranteed obligations held by the Secretary of the Treasury) 
    outstanding on March 16, 2015, exceeds
        (2) the face amount of such obligations outstanding on the date 
    of the enactment of this Act.
SEC. 3. RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL DEBT.
    (a) Extension Limited to Necessary Obligations.--An obligation 
shall not be taken into account under section 2(b)(1) unless the 
issuance of such obligation was necessary to fund a commitment incurred 
pursuant to law by the Federal Government that required payment before 
March 16, 2015.
    (b) Prohibition on Creation of Cash Reserve During Extension 
Period.--The Secretary of the Treasury shall not issue obligations 
during the period specified in section 2(a) for the purpose of 
increasing the cash balance above normal operating balances in 
anticipation of the expiration of such period.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.