118 S1395 PCS: To temporarily suspend the debt limit through December 31, 2024. U.S. Senate 2023-05-02 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IICalendar No. 40118th CONGRESS1st SessionS. 1395IN THE SENATE OF THE UNITED STATESMay 1, 2023Mr. Schumer (for himself, Mrs. Murray, Mr. Wyden, and Mr. Whitehouse) introduced the following bill; which was read the first time May 2, 2023Read the second time and placed on the calendarA BILLTo temporarily suspend the debt limit through December 31, 2024.

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 enactment of this Act and ending on December 31, 2024.(b)

Special rule relating to obligations issued during extension period

Effective on January 1, 2025, 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 January 1, 2025, exceeds(2)the face amount of such obligations outstanding on the date of enactment of this Act.(c)

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 January 1, 2025.

May 2, 2023Read the second time and placed on the calendar