[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3750 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3750

        To provide a 1-week extension of the public debt limit.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 30, 2023

  Mr. Mills introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
        To provide a 1-week extension of the public debt limit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. 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 June 12, 2023.
    (b) Special Rule Relating to Obligations Issued During Extension 
Period.--Effective on June 11, 2023, 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 June 11, 2023, exceeds
            (2) the face amount of such obligations outstanding on the 
        date of the enactment of this Act.
    (c) Restoring Congressional Authority Over the National Debt.--
            (1) Extension limited to necessary obligations.--An 
        obligation shall not be taken into account under subsection 
        (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 June 11, 2023.
            (2) Prohibition on creation of cash reserve during 
        extension period.--The Secretary of the Treasury shall not 
        issue obligations during the period specified in subsection (a) 
        for the purpose of increasing the cash balance above normal 
        operating balances in anticipation of the expiration of such 
        period.
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