[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 415 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 415
To repeal the debt ceiling, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
January 20, 2023
Mr. Foster (for himself, Mr. Beyer, Mr. Connolly, Mr. Evans, Ms.
Norton, Mr. Meeks, Ms. Jacobs, Mr. Casten, Mr. Larsen of Washington,
Ms. Tlaib, Mr. Trone, Ms. Jayapal, Mr. Takano, Mr. Davis of Illinois,
Ms. Sanchez, Ms. Velazquez, Mr. Garcia of Illinois, Mrs. Dingell, Mr.
Gomez, Mr. McGovern, Mr. Johnson of Georgia, Mr. Carson, Mr. Cohen, Ms.
Williams of Georgia, Mrs. Watson Coleman, Mr. Torres of New York, Mr.
Quigley, Mr. Pocan, Mr. Himes, Mr. Blumenauer, Ms. Brownley, Mr.
Huffman, Ms. Jackson Lee, Mr. Payne, Ms. Lee of California, Mr. Bowman,
Ms. Tokuda, Mr. Espaillat, Mrs. Hayes, Ms. Crockett, Mr. Smith of
Washington, Mr. Thanedar, and Mr. Costa) introduced the following bill;
which was referred to the Committee on Ways and Means
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A BILL
To repeal the debt ceiling, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``End the Threat of Default Act''.
SEC. 2. REPEAL OF DEBT CEILING.
(a) In General.--Section 3101 of title 31, United States Code, is
repealed.
(b) Technical and Conforming Amendments.--
(1) Section 301(b)(5) of the Congressional Budget Act of
1974 (2 U.S.C. 632(b)(5)) is amended by striking ``debt subject
to limit (in section 3101 of title 31 of the United States
Code)'' and inserting ``face value of obligations issued under
chapter 31 of title 31, United States Code, 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)''.
(2) Section 8348 of title 5, United States Code, is amended
by striking subsections (j), (k), and (l).
(3) Section 8438 of title 5, United States Code, is amended
by striking subsections (g) and (h).
(4) Section 14(d)(2) of the Federal Deposit Insurance Act
(12 U.S.C. 1824(d)(2)) is amended--
(A) by striking subparagraph (A); and
(B) by redesignating subparagraphs (B), (C), and
(D) as subparagraphs (A), (B), and (C), respectively.
(5) Section 3101A of title 31, United States Code, is
repealed.
(6) Section 3130(e)(2) of title 31, United States Code, is
amended by striking ``total amount of the obligations subject
to the public debt limit established in section 3101 of this
title'' and inserting ``face value of obligations issued under
this chapter 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)''.
(7) Section 1145(b) of the Social Security Act (42 U.S.C.
1320b-15(b)) is amended by striking ``any obligation subject to
the public debt limit established under section 3101 of title
31, United States Code'' and inserting ``any obligation issued
under chapter 31 of title 31, United States Code, and any
obligation whose principal and interest are guaranteed by the
United States Government (except guaranteed obligations held by
the Secretary of the Treasury)''.
(8) The table of sections for chapter 31 of title 31,
United States Code, is amended by striking the items relating
to sections 3101 and 3101A.
(c) Savings Provisions.--
(1) Civil service retirement and disability fund.--
Notwithstanding the amendments made by subsection (b),
paragraphs (2), (3), and (4) of subsection (j) and subsection
(l)(1) of section 8348 of title 5, United States Code, as in
effect on the day before the date of enactment of this Act,
shall apply to any debt issuance suspension period (as defined
under section 8348(j)(5) of such title) that is in effect on
the date of enactment of this Act.
(2) Thrift savings fund.--Notwithstanding the amendments
made by subsection (b), paragraphs (2), (3), and (4) of
subsection (g) and subsection (h)(1) of section 8438 of title
5, United States Code, as in effect on the day before the date
of enactment of this Act, shall apply to any debt issuance
suspension period (as defined under section 8438(g)(6) of such
title) that is in effect on the date of enactment of this Act.
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