[Congressional Record Volume 169, Number 95 (Thursday, June 1, 2023)]
[Senate]
[Pages S1907-S1908]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 108. Ms. LUMMIS submitted an amendment intended to be proposed by 
her 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 DEBT LIMIT

     SEC. 401. LIMITED SUSPENSION OF DEBT CEILING.

       (a) Suspension.--Section 3101(b) of title 31, United States 
     Code, shall not apply during the period beginning on the date 
     of 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, to exceed the sum of--
       (1) the dollar limitation in effect under such section on 
     the date of the enactment of this Act; increased by
       (2) $1,000,000,000,000.
       (c) Applicable Date.--For purposes of this section, the 
     term ``applicable date'' means the earlier of--
       (1) November 1, 2023; 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 as of the close of the 
     applicable date, the dollar limitation in section 3101(b) of 
     title 31, United States Code, is increased to the extent 
     that--

[[Page S1908]]

       (1) the face amount of obligations subject to limitation 
     under such section outstanding as of the close of the 
     applicable date; exceeds
       (2) the face amount of such obligations outstanding on the 
     date of enactment of this Act.
       (e) Restoring Congressional Authority Over the National 
     Debt.--
       (1) 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 pursuant to law by the Federal 
     Government that required payment on or before the applicable 
     date.
       (2) Prohibition on creation of cash reserve during 
     extension period.--The Secretary of the Treasury shall not 
     issue obligations during the period specified in subsection 
     (a) for the purpose of increasing the cash balance above 
     normal operating balances in anticipation of the expiration 
     of such period.
                                 ______