[Congressional Record Volume 169, Number 95 (Thursday, June 1, 2023)]
[Senate]
[Page S1906]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 100. Mr. LEE submitted an amendment intended to be proposed by him 
to the bill H.R. 3746, to provide for a responsible increase to the 
debt ceiling; which was ordered to lie on the table; as follows:

       Strike division D and insert the following:

                 DIVISION D--INCREASE IN THE DEBT LIMIT

     SEC. 401. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.

       (a) Suspension.--Section 3101(b) of title 31, United States 
     Code, shall not apply during the period beginning on the date 
     of the enactment of this Act and ending on the applicable 
     date.
       (b) Dollar Limitation on Suspension.--Subsection (a) shall 
     not apply to the extent that the application of such 
     subsection would result in the face amount of obligations 
     subject to limitation under section 3101(b) of title 31, 
     United States Code, exceeding the sum of--
       (1) the dollar limitation in effect under such section on 
     the date of enactment of this Act; and
       (2) $1,500,000,000,000.
       (c) Applicable Date.--For purposes of this section, the 
     term ``applicable date'' means the earlier of--
       (1) March 31, 2024; or
       (2) the first date on which subsection (a) does not apply 
     by reason of subsection (b).
       (d) Special Rule Relating to Obligations Issued During 
     Suspension Period.--Effective on the day after the applicable 
     date, the limitation in effect under section 3101(b) of title 
     31, United States Code, is 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 the day after the 
     applicable date; exceeds
       (2) the face amount of such obligations outstanding on the 
     date of enactment of this Act.
       (e) Extension Limited to Necessary Obligations.--An 
     obligation shall not be taken into account under subsection 
     (d)(1) unless the issuance of such obligation was necessary 
     to fund a commitment incurred by the Federal Government that 
     required payment on or before the applicable date.
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