[Congressional Record Volume 142, Number 40 (Thursday, March 21, 1996)]
[House]
[Page H2665]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 6 of rule XXIII, proposed amendments were submitted as 
follows:

                                 H.R.--

                          (Public Debt Limit)

                   Offered By; Mr. Smith of Michigan

       Amendment No. 1: At the end, add the following new 
     sections:

     SEC. 2. LIMITATION ON ISSUANCE OF PUBLIC DEBT OBLIGATIONS 
                   AFTER DECEMBER 31, 2001.

       (a) In General.--No obligation subject to the limitation 
     under section 3101(b) of title 31, United States Code, may be 
     issued to the public after December 31, 2001. The preceding 
     sentence shall not apply to any obligation (or series of 
     obligations) issued to refund an obligation issued before 
     January 1, 2002.
       (b) Special Rule.--Upon the enactment of a joint resolution 
     declaring a national emergency, subsection (a) is suspended 
     for the 6-month period beginning upon such date of enactment. 
     Congress and the President may, by law, extend such 6-month 
     period of such declaration of war or national emergency is 
     still in effect.

     SEC. 3. SHORT-TERM BORROWING AFTER FISCAL YEAR 2001.

       (a) In General.--In addition to any other authority 
     provided by law, the Secretary of the Treasury may issue 
     obligations of the United States in an amount not to exceed 
     $50 billion. The maturity date of the obligations may not 
     extend beyond 120 days after their issuance. In any event, 
     obligations issued under this section shall mature at the end 
     of the fiscal year in which they were issued.
       (b) Obligations Exempt From Public Debt Limit.--Obligations 
     issued under subsection (a) shall not be taken into account 
     in applying the limitation in section 3101(b) of title 31, 
     United States Code.

     SEC. 4. LIMITATION ON AMOUNT OF PUBLIC DEBT LIMIT.

       An increase in the limitation under section 3101(b) of 
     title 31, United States Code, shall not be effective to the 
     extent such limitation after such increase is greater than--
       (1) $5,432,000,000,000 during the fiscal year ending on 
     September 30, 1997,
       (2) $5,682,000,000,000 during the fiscal year ending on 
     September 30, 1998,
       (3) $5,908,000,000,000 during the fiscal year ending on 
     September 30, 1999, and
       (4) $6,116,000,000,000 during any fiscal year ending on or 
     after September 30, 2000.

     The preceding sentence shall apply notwithstanding any other 
     provision of law unless such other law actually amends or 
     repeals the preceding sentence.