Responsibly Paying Our Nation's Bills Act

Bill: 114-hr-3737
Sponsor: full_name: Rep. Welch, Peter [D-VT-At Large]
Introduced: 2015-10-09
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Latest action: action_date: 2015-10-09
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-10-09
action_desc: Introduced in House
text: <p><b>Responsibly Paying Our Nation's Bills Act </b></p> <p> This bill suspends the public debt limit until January 1, 2017. On January 1, 2017, the debt limit is increased to accommodate obligations issued during the suspension period. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3737 IN THE HOUSE OF REPRESENTATIVES October 9, 2015 Mr. Welch introduced the following bill; which was referred to the Committee on Ways and Means A BILL To responsibly pay our Nation’s bills on time by temporarily extending the public debt limit, and for other purposes.

1. Short title This Act may be cited as the Responsibly Paying Our Nation’s Bills Act . 2. Temporary extension of public debt limit (a) In general Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act and ending on January 1, 2017. (b) Special rule relating to obligations issued during extension period Effective January 1, 2017, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that— (1) the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on January 1, 2017, exceeds (2) the face amount of such obligations outstanding on the date of the enactment of this Act.