[Congressional Record Volume 169, Number 73 (Monday, May 1, 2023)]
[Senate]
[Page S1443]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. SCHUMER (for himself, Mrs. Murray, Mr. Wyden, and Mr. 
        Whitehouse):
  S. 1395. A bill to temporarily suspend the debt limit through 
December 31, 2024; read the first time.
  Mr. SCHUMER. Madam President, I ask unanimous consent that the text 
of the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 1395

       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 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.

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