[Congressional Record (Bound Edition), Volume 157 (2011), Part 8]
[Senate]
[Page 10562]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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  SENATE RESOLUTION 226--EXPRESSING THE SENSE OF THE SENATE THAT THE 
  PRESIDENT DOES NOT HAVE THE AUTHORITY TO IGNORE THE STATUTORY DEBT 
  LIMIT BY ORDERING THE SECRETARY OF THE TREASURY TO CONTINUE ISSUING 
         DEBT ON THE FULL FAITH AND CREDIT OF THE UNITED STATES

  Mr. GRAHAM (for himself, Mr. Cornyn, Mr. McCain, Ms. Ayotte, Mr. 
Isakson, Mr. Coats, Mr. Inhofe, Mr. Sessions, Mr. Chambliss, Mr. 
Barrasso, Mr. Johanns, Ms. Murkowski, and Mr. Risch) submitted the 
following resolution; which was referred to the Committee on Finance:

                              S. Res. 226

       Whereas clause 2 of section 8 of article I of the 
     Constitution of the United States gives Congress the power 
     ``[t]o borrow Money on the credit of the United States'';
       Whereas the 14th Amendment to the Constitution of the 
     United States says, ``The validity of the public debt of the 
     United States, authorized by law, including debts incurred 
     for payment of pensions and bounties for services in 
     suppressing insurrection or rebellion, shall not be 
     questioned.'';
       Whereas Congress has historically limited the Federal debt, 
     either by specifically authorizing the issuance of new debt 
     instruments, or through imposing an aggregate limit on 
     Federal debt;
       Whereas the statutory debt limit was established by an Act 
     of Congress and signed into law by the President in 1982; and
       Whereas the debt subject to limit has been increased 
     through an Act of Congress and Presidential signature 38 
     times since 1982: Now, therefore, be it
       Resolved, That it is the Sense of the Senate that the 
     President does not have the authority to ignore the statutory 
     debt limit by ordering the Secretary of the Treasury to 
     continue issuing debt on the full faith and credit of the 
     United States.

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