I 

115TH CONGRESS 

1ST SESSION H. R. 1529 

To prohibit the Secretary of the Treasury from using extraordinary measures 

to prevent the Government from reaching the statutory debt limit, or 

using extraordinary measures once such limit has been reached, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 15, 2017 

Mr. SANFORD (for himself and Mr. MEADOWS) introduced the following bill; 

which was referred to the Committee on Ways and Means 

A BILL 

To prohibit the Secretary of the Treasury from using extraordinary measures to prevent the Government from 

reaching the statutory debt limit, or using extraordinary 

measures once such limit has been reached, 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 ‘‘Debt Limit Control 

5 and Accountability Act of 2017’’. 


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1 SEC. 2. PROHIBITION ON USE OF EXTRAORDINARY MEAS2 URES. 

3 (a) IN GENERAL.—The Secretary of the Treasury 

4 may not use extraordinary measures— 

5 (1) to prevent the United States from reaching 

6 the statutory debt limit under section 3101 of title 

7 31, United States Code; or 

8 (2) once such debt limit has been reached. 

9 (b) EXTRAORDINARY MEASURES DEFINED.—For 

10 purposes of this section, the term ‘‘extraordinary meas11 ures’’ means— 

12 (1) suspending the investments of the Thrift 

13 Savings Plan G Fund; 

14 (2) suspending the investments of the Exchange 

15 Stabilization Fund; 

16 (3) suspending the issuance of new securities to 

17 the Civil Service Retirement and Disability Fund 

18 and Postal Service Retiree Health Benefits Fund; 

19 (4) redeeming early securities held by the Civil 

20 Service Retirement and Disability Fund and the 

21 Postal Service Retiree Health Benefits Fund; 

22 (5) suspending the issuance of new State and 

23 Local Government Series securities and savings 

24 bonds; 


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1 (6) replacing Treasury securities subject to the 

2 debt limit with debt issued by the Federal Financing 

3 Bank; or 

4 (7) any other extraordinary actions taken by 

5 the Secretary to avoid defaulting on the obligations 

6 of the United States. 

7 SEC. 3. REPEAL OF PRESIDENTIAL MODIFICATION OF THE 

8 DEBT CEILING. 

9 Chapter 31 of title 31, United States Code, is amend10 ed— 

11 (1) by repealing section 3101A; and 

12 (2) in the table of contents for such chapter, by 

13 striking the item relating to section 3101A. 

14 SEC. 4. SENSE OF CONGRESS. 

15 It is the sense of Congress that— 

16 (1) the statutory debt limit under section 3101 

17 of title 31, United States Code, should not be sus18 pended; 

19 (2) if the United States reaches the statutory 

20 debt limit, the Secretary of the Treasury should 

21 prioritize payments to bondholders, so as to avoid 

22 defaulting on any maturing debt; and 


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1 (3) future increases in the statutory debt limit 

2 should be tied to or contingent upon agreements to 

3 cut or control spending. 

Æ 


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