Debt Limit Reform Act

Bill: 113-hr-3293
Sponsor: full_name: Rep. Hastings, Alcee L. [D-FL-20]
Introduced: 2013-10-15
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Securities
Latest action: action_date: 2013-10-15
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-10-15
action_desc: Introduced in House
text: <p>Debt Limit Reform Act - Grants the President, or the President's designee, authority to increase the public debt limit. Excludes from the public debt limit amount obligations held by the U.S. government. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3293 IN THE HOUSE OF REPRESENTATIVES October 15, 2013 Mr. Hastings of Florida introduced the following bill; which was referred to the Committee on Ways and Means A BILL To reform the public debt limit.

1. Short title This Act may be cited as the Debt Limit Reform Act . 2. Reform of the public debt limit (a) Authority of President To increase public debt limit Section 3101 of title 31, United States Code, is amended by adding at the end the following new subsection: (d) The dollar amount in effect under subsection (b) shall be increased at such times and in such amounts as the President of the United States, or his designee, may provide. . (b) Government-Held debt not taken into account for purposes of the public debt limit Section 3101 of title 31, United States Code, as amended by subsection (a) is amended by adding at the end the following new subsection: (e) Obligations held by the United States Government (including any obligation which is classified as an intragovernmental holding by the Secretary of the Treasury or which is held by any agency or instrumentality of the United States) shall not be taken into account for purposes of applying the limitation imposed under subsection (b). .