Bill summaries are authored by CRS.

Shown Here:
Passed House amended (03/07/1996)

Authorizes the Secretary of the Treasury to issue to each Federal fund U.S. obligations, under the public debt provisions of the U.S. Code, before March 30, 1996, in an amount not to exceed the sum of: (1) the amounts deposited in such fund on or after the earlier of the date the Secretary would not otherwise be able to issue such obligations to such fund, or March 15, 1996, and before March 30, 1996; and (2) the face amount of obligations held by such fund which mature during such period.

Exempts such obligations from the public debt limit until the earlier of: (1) the date of enactment of the first increase in the public debt limit after enactment of this Act; or (2) March 30, 1996.

Amends Public Law 104-103 to extend from March 15, 1996, to March 30, 1996, the Secretary's authority to issue U.S. obligations in an amount equal to the monthly insurance benefits payable under title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act in March 1996.