[Congressional Record Volume 167, Number 169 (Tuesday, September 28, 2021)]
[Senate]
[Page S6743]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTION

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      By Mr. SCHUMER:
  S. 2868. A bill to temporarily extend the public debt limit until 
December 16, 2022; read the first time.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.

                                S. 2868

       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 
     enactment of this Act and ending on December 16, 2022.
       (b) Special Rule Relating to Obligations Issued During 
     Extension Period.--Effective on December 17, 2022, 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 December 17, 2022, 
     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 December 17, 2022.

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