II 

115TH CONGRESS 

1ST SESSION S. 1846 

To repeal the debt ceiling. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 19, 2017 

Mr. SCHATZ (for himself, Mr. COONS, and Mr. BENNET) introduced the 

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

A BILL 

To repeal the debt ceiling. 

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’’. 

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8 States Code, is repealed. 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.— 

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

11 Budget Act of 1974 (2 U.S.C. 632(b)(5)) is amend12 ed by striking ‘‘debt subject to limit (in section 3101 


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

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

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

4 of obligations whose principal and interest are guar5 anteed by the United States Government (except 

6 guaranteed obligations held by the Secretary of the 

7 Treasury)’’. 

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

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

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

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

12 (4) Section 14(d)(2) of the Federal Deposit In13 surance Act (12 U.S.C. 1824(d)(2)) is amended— 

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

15 (B) by redesignating subparagraphs (B), 

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

17 (C), respectively. 

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

19 Code, is repealed. 

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

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

22 of the obligations subject to the public debt limit es23 tablished in section 3101 of this title’’ and inserting 

24 ‘‘face value of obligations issued under this chapter 

25 and the face amount of obligations whose principal 


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1 and interest are guaranteed by the United States 

2 Government (except guaranteed obligations held by 

3 the Secretary of the Treasury)’’. 

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

5 (42 U.S.C. 1320b–15(b)) is amended by striking 

6 ‘‘any obligation subject to the public debt limit es7 tablished under section 3101 of title 31, United 

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

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

10 and any obligation whose principal and interest are 

11 guaranteed by the United States Government (ex12 cept guaranteed obligations held by the Secretary of 

13 the Treasury)’’. 

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

15 31, United States Code, is amended by striking the 

16 items relating to sections 3101 and 3101A. 

17 (c) SAVINGS PROVISIONS.— 

18 (1) CIVIL SERVICE RETIREMENT AND DIS19 ABILITY FUND.—Notwithstanding the amendments 

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

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

22 8348 of title 5, United States Code, as in effect on 

23 the day before the date of enactment of this Act, 

24 shall apply to any debt issuance suspension period 

25 (as defined under section 8348(j)(5) of such title) 


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1 that is in effect on the date of enactment of this 

2 Act. 

3 (2) THRIFT SAVINGS FUND.—Notwithstanding 

4 the amendments made by subsection (b), paragraphs 

5 (2), (3), and (4) of subsection (g) and subsection 

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

7 as in effect on the day before the date of enactment 

8 of this Act, shall apply to any debt issuance suspen9 sion period (as defined under section 8438(g)(6) of 

10 such title) that is in effect on the date of enactment 

11 of this Act. 

Æ 


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