H.R.2897 - To increase the public debt limit, to protect the social security trust funds and other federal trust funds and accounts invested in public debt obligations, and for other purposes.104th Congress (1995-1996)
|Sponsor:||Rep. Smith, Nick [R-MI-7] (Introduced 01/25/1996)|
|Committees:||House - Government Reform and Oversight; Ways and Means|
|Latest Action:||House - 01/30/1996 Referred to the Subcommittee on Civil Service. (All Actions)|
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Summary: H.R.2897 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (01/25/1996)
Amends Federal law to increase the public debt limit to $4.92 trillion.
Prohibits any U.S. officer or employee from delaying a deposit or credit to, or refraining from investment in public debt obligations in, any Federal fund if the purpose is to reduce or not increase public debt. Allows, notwithstanding the public debt limit, the sale or redemption of public debt obligations held by a covered benefits fund in order to get the cash necessary for payment of benefits or administrative expenses.
Prohibits issuance, after December 31, 2001, of public debt obligations subject to limitation under specified provisions of Federal law. Declares that the prohibition does not apply to any obligations issued to refund an obligation issued before January 1, 2002.
Authorizes the Secretary of the Treasury, when the Government is unable to borrow sufficient funds because of the public debt limit, to manage the U.S. cash position under the priorities established by the President for making payments.
Prohibits any U.S. officer or employee from selling any U.S. property if the primary purpose of the sale is to avoid the public debt limit.