[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1395 Placed on Calendar Senate (PCS)]

<DOC>





                                                        Calendar No. 40
118th CONGRESS
  1st Session
                                S. 1395

    To temporarily suspend the debt limit through December 31, 2024.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 1, 2023

 Mr. Schumer (for himself, Mrs. Murray, Mr. Wyden, and Mr. Whitehouse) 
      introduced the following bill; which was read the first time

                              May 2, 2023

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 A BILL


 
    To temporarily suspend the debt limit through December 31, 2024.

    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.
                                                        Calendar No. 40

118th CONGRESS

  1st Session

                                S. 1395

_______________________________________________________________________

                                 A BILL

    To temporarily suspend the debt limit through December 31, 2024.

_______________________________________________________________________

                              May 2, 2023

            Read the second time and placed on the calendar