S. 540: Temporary Debt Limit Extension Act

113th Congress, 2013–2015. Text as of Feb 13, 2014 (Passed Congress/Enrolled Bill).

Status & Summary | PDF | Source: GPO

One Hundred Thirteenth Congress of the United States of America

2d Session

S. 540

IN THE SENATE OF THE UNITED STATES

AN ACT

To temporarily extend the public debt limit, and for other purposes.

1.

Short title

This Act may be cited as the Temporary Debt Limit Extension Act.

2.

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 the enactment of this Act and ending on March 15, 2015.

(b)

Special rule relating to obligations issued during extension period

Effective March 16, 2015, 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 March 16, 2015, exceeds

(2)

the face amount of such obligations outstanding on the date of the enactment of this Act.

3.

Restoring Congressional authority over the national debt

(a)

Extension limited to necessary obligations

An obligation shall not be taken into account under section 2(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 March 16, 2015.

(b)

Prohibition on creation of cash reserve during extension period

The Secretary of the Treasury shall not issue obligations during the period specified in section 2(a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.

Speaker of the House of Representatives

Vice President of the United States and President of the Senate