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H.R. 1235 (114th): Fiscal Sanity Act for the National Debt

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 4, 2015.

Fiscal Sanity Act for the National Debt

This bill suspends the public debt limit for the period beginning on the date of enactment of this Act and ending 30 days later. The debt limit, often referred to as the debt ceiling, is the maximum amount of debt that the Department of the Treasury can issue to the public and to other federal agencies. Under current law, the debt limit is suspended through March 15, 2015.