II 

118TH CONGRESS 

2D SESSION S. 5480 

To repeal the debt ceiling, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 11, 2024 

Mr. SCHATZ (for himself, Mr. DURBIN, Mr. WHITEHOUSE, Mr. BENNET, Ms. 

HIRONO, Mr. VAN HOLLEN, Ms. WARREN, Mr. MURPHY, Mr. 

FETTERMAN, Mr. WELCH, Mr. BLUMENTHAL, Ms. SMITH, Mr. MARKEY, 

Mrs. SHAHEEN, Mr. KING, Mr. LUJA ́N, and Mr. REED) introduced the 

following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To repeal the debt ceiling, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘End the Threat of 

5 Default Act of 2024’’. 

6 SEC. 2. REPEAL OF DEBT CEILING. 

7 (a) IN GENERAL.—Section 3101 of title 31, United 

8 States Code, is repealed. 

9 (b) TECHNICAL AND CONFORMING AMENDMENTS.— 


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1 (1) Section 301(b)(5) of the Congressional 

2 Budget Act of 1974 (2 U.S.C. 632(b)(5)) is amend3 ed by striking ‘‘debt subject to limit (in section 3101 

4 of title 31 of the United States Code)’’ and inserting 

5 ‘‘face value of obligations issued under chapter 31 of 

6 title 31, United States Code, and the face amount 

7 of obligations whose principal and interest are guar8 anteed by the United States Government (except 

9 guaranteed obligations held by the Secretary of the 

10 Treasury)’’. 

11 (2) Section 8348 of title 5, United States Code, 

12 is amended by striking subsections (j), (k), and (l). 

13 (3) Section 8438 of title 5, United States Code, 

14 is amended by striking subsections (g) and (h). 

15 (4) Section 14(d)(2) of the Federal Deposit In16 surance Act (12 U.S.C. 1824(d)(2)) is amended— 

17 (A) by striking subparagraph (A); and 

18 (B) by redesignating subparagraphs (B), 

19 (C), and (D) as subparagraphs (A), (B), and 

20 (C), respectively. 

21 (5) Section 3101A of title 31, United States 

22 Code, is repealed. 

23 (6) Section 3130(e)(2) of title 31, United 

24 States Code, is amended by striking ‘‘total amount 

25 of the obligations subject to the public debt limit esVerDate Sep 11 2014 01:41 Jan 10, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S5480.IS S5480

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1 tablished in section 3101 of this title’’ and inserting 

2 ‘‘face value of obligations issued under this chapter 

3 and the face amount of obligations whose principal 

4 and interest are guaranteed by the United States 

5 Government (except guaranteed obligations held by 

6 the Secretary of the Treasury)’’. 

7 (7) Section 1145(b) of the Social Security Act 

8 (42 U.S.C. 1320b–15(b)) is amended by striking 

9 ‘‘any obligation subject to the public debt limit es10 tablished under section 3101 of title 31, United 

11 States Code’’ and inserting ‘‘any obligation issued 

12 under chapter 31 of title 31, United States Code, 

13 and any obligation whose principal and interest are 

14 guaranteed by the United States Government (ex15 cept guaranteed obligations held by the Secretary of 

16 the Treasury)’’. 

17 (8) The table of sections for chapter 31 of title 

18 31, United States Code, is amended by striking the 

19 items relating to sections 3101 and 3101A. 

20 (c) SAVINGS PROVISIONS.— 

21 (1) CIVIL SERVICE RETIREMENT AND DIS22 ABILITY FUND.—Notwithstanding the amendments 

23 made by subsection (b), paragraphs (2), (3), and (4) 

24 of subsection (j) and subsection (l)(1) of section 

25 8348 of title 5, United States Code, as in effect on 


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1 the day before the effective date of this Act, shall 

2 apply to any debt issuance suspension period (as de3 fined under section 8348(j)(5) of such title) that is 

4 in effect on the effective date of this Act. 

5 (2) THRIFT SAVINGS FUND.—Notwithstanding 

6 the amendments made by subsection (b), paragraphs 

7 (2), (3), and (4) of subsection (g) and subsection 

8 (h)(1) of section 8438 of title 5, United States Code, 

9 as in effect on the day before the effective date of 

10 this Act, shall apply to any debt issuance suspension 

11 period (as defined under section 8438(g)(6) of such 

12 title) that is in effect on the effective date of this 

13 Act. 

14 SEC. 3. EFFECTIVE DATE. 

15 This Act and the amendments made by this Act shall 

16 take effect on the date that is 7 days after the date of 

17 enactment of this Act. 

Æ 


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