To provide a 1-week extension of the public debt limit.

Bill: 118-hr-3750
Sponsor: full_name: Rep. Mills, Cory [R-FL-7]
Introduced: 2023-05-30
Policy area: Economics and Public Finance
Latest action: action_date: 2023-05-30
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-05-30
action_desc: Introduced in House
text: <p>This bill suspends the federal debt limit through June 12, 2023, and requires the debt limit to be increased to accommodate certain obligations issued during the suspension period.</p><p>The adjustments to the debt limit for obligations issued during the suspension period are limited to obligations necessary to fund a commitment incurred by the federal government that required payment before June 11, 2023.</p><p>The bill also prohibits the Department of the Treasury from issuing obligations during the suspension period for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of the suspension period.&nbsp;</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 3750 IN THE HOUSE OF REPRESENTATIVES May 30, 2023 Mr. Mills introduced the following bill; which was referred to the Committee on Ways and Means A BILL To provide a 1-week extension of the public debt limit.

1. 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 June 12, 2023. (b) Special Rule Relating to Obligations Issued During Extension Period Effective on June 11, 2023, 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 June 11, 2023, exceeds (2) the face amount of such obligations outstanding on the date of the enactment of this Act. (c) Restoring Congressional Authority Over the National Debt (1) Extension Limited to Necessary Obligations An obligation shall not be taken into account under subsection (b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before June 11, 2023. (2) Prohibition on creation of cash reserve during extension period The Secretary of the Treasury shall not issue obligations during the period specified in subsection (a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.