An Act to provide for a temporary increase in the public debt limit and to place a limitation on expenditures and net lending for the fiscal year ending June 30, 1973
PL 92-599 (H.R.16810), enacted 10/27/1972

1324 
PUBLIC LAW 92-599-OCT. 27, 1972 
[86 STAT. 
Public Law 92-599 
• - ' ^ 
• 
October 27, 1972 
A.N A C T 
[H. R. 16810] 
T,) iirovide for a temporary increase in the public debt limit and to place a 
limitation on expenditures and net lending for the liscal year ending June 30, 
1973. 
Be it enacted hy the Senate and House of Representatives 
of the 
Public debt 
Vnited States of America in Conqress assemhled, 
limit. 
•' 
^ 
' 
Temporary in-
"«"«• 
TITLE I—TEMPORARY INCREASE IN T H E 
PUBLIC DEBT LIMIT 
SEC. 101. During the period beginning on November 1, 197*2, and 
ending on June 30, 1973, the public debt limit set forth in the first 
Ante, p. 63. 
seuteuce of section 21 of the Second Liberty Bond Act (31 I^.S.C. 7i37b) 
shall be temporarily increased by $65,000,000,000. 
TITLE II—LIMITATION ON E X P E N D I T U R E S AND NET 
LENDING FOR FISCAL 1973 
SEC. 201. (a) Expenditures and net lending during the fiscal year 
ending June 30, 1973, under the budget of the United States Govern-
ment shall not exceed $250,000,000,000. 
(b) The provisions of this title shall cease to apply on the day after 
the date of the enactment of this Act and no action taken befor-e such 
day under such provisions shall have any force or effect on or after 
such day. 
(c) In the administration of any program as to which— 
(1) the amount of expenditures is limited pursuant to subsection 
(a), and 
(2) the allocation, grant, apportionment, or other distribution 
of funds among recipients is required to be determined by appli-
cation of a formula involving the amount appropriated or other-
wise made available for distribution, 
the amount available for obligation (as determined by the President) 
shall be substituted for the amount appropriated or otherwise made 
available in the application of the formula. 
TITLE 
III—JOINT 
COMMITTEE 
TO 
REVIEW 
OPERATION 
OF BUDGET CEILING 
AND 
TO 
RECOMMEND PROCE-
DURES 
FOR 
IMPROVING CONGRESSIONAL CONTROL 
OVER BUDGETARY OUTLAY AND 
RECEIPT TOTALS 
Establishment; 
ggc. 301. (a) There is hereby established a joint committee com-
ip. 
posed of thirty-two members appointed as follows: 
(1) seven members from the Committee on Ways and Means 
of the House of Representatives, appointed by the Speaker of 
i> 
the House; 
(2) seven members from the Committee on Appropriations of 
the House of Representatives, appointed by the Speaker of the 
House; 
(3) two additional Members of the House of Representatives, 
one from the majority party, and one from the minority party, 
appointed by the Speaker of the House; 
(4) seven members of the Committee on Finance of the Senate, 
appointed by the President pro tempore of the Senate; 
86 STAT. ] 
PUBLIC LAW 92-599-OCT. 27,1972 
1325 
(5) seven members of the Committee on Appropriations of 
the Senate, appointed by the President pro tempore of the Senate; 
and 
(6) two additional Members of the Senate, one from the major-
ity party, and one from the minority party, appointed by the 
President pro tempore of the Senate. 
Xo person appointed by reason of his membership on any of the 
committees referred to in paragraphs (1), (2), (4), and (5) shall 
continue to serve as a member of the joint committee after he has 
ceased to be a member of that committee from which he was chosen, 
except that the members chosen from the Committee on Appropria-
tions and the Committee on Ways and Means of the House of Repre-
sentatives who have been reelected to the House of Representatives 
may continue to serve as members of the joint committee notwith-
standing the expiration of the Congress. A vacancy in the joint 
vacancy. 
committee shall not affect the power of the remaining members to 
execute the functions of the joint committee, and shall be filled in 
the same manner as the original selection. 
(b) The joint committee created by subsection (a) shall make a 
study and re-
full study and review of— 
^'^'^" 
(1) the procedures which should be adopted by the Congress 
for the purpose of improving congressional control of budgetary 
outlay and receipt totals, including procedures for establishing 
and maintaining an overall view of each year's budgetary outlays 
which is fully coordinated with an overall view of the anticipated 
revenues for that year, and 
(2) the operation of the limitation on expenditures and net 
lending imposed by section 201 of this Act for the fiscal year 
ending June 30, 1973. 
The joint committee shall report the results of such study and review 
Report to con-
to the Speaker of the House of Representatives and to the President 2'"^^^-
pro tempore of the Senate, not later than February 15, 1973. 
(c)(1) The chairman of the joint committee shall be selected by 
chairman. 
the members of the joint committee. 
(2) The joint committee is authorized to appoint such staff, and 
^*^"-
to request such assistance from the existing staffs of the Congress, 
as may be necessary to carry out the purposes of this section. 
(d) The expenses of the joint committee, which shall not exceed 
Expenses. 
$100,000 through February 28,1973, shall be paid from the contingent 
fund of the Senate upon vouchers approved by the chairman of the 
joint committee. 
(e) The joint committee shall cease to exist at the close of the first Termination, 
session of the Ninety-third Congress. 
SEC. 302. For purposes of paragraph 6 of rule X X V of the Standing 
Rules of the Senate, service of a Senator as a member of the joint 
committee, or as chairman of the joint committee, shall not be taken 
into account. 
TITLE 
IV—FEDERAL 
IMPOUNDMENT INFORMATION 
SHORT TITLE 
SEC. 401. This title may be cited as the "Federal Impoundment and j. 
Information Act". 
AMENDMENT OF T H E BUDGET AND ACCOUNTING PROCEDURES ACT OF 1950 
SEC. 402. Title I I of the Budget and Accounting Procedures Act 
of 1950 is amended by adding at the end thereof the following new 
3^ ysc 5
^
8 fb. 
section: 
Citation of 
title. 
1326 
PUBLIC LAW 92-600-OCT. 27,1972 
[86 STAT. 
Presidential 
report to Con-
gress. 
Publication in 
Federal Regis-
ter. 
"REPORTS ON IMPOUNDED 
FUNDS 
"SEC. 203. (a) If any funds are appropriated and then partially 
or completely impounded, the President shall promptly transmit to 
the Congress and to the Comptroller General of the United States 
a report containing the following information: 
"(1) the amount of the funds impounded; 
"(2) the date on which the funds were ordered to be 
impounded; 
" (3) the date the funds were impounded; 
"(4) any department or establishment of the Government to 
which such impounded funds would have been available for 
obligation except for such impoundment; 
"(5) the period of time during which the funds are to be 
impounded; 
" (6) the reasons for the impoundment; and 
"(7) to the maximum extent practicable, the estimated fiscal, 
economic, and budgetary effect of the impoundment. 
"(b) If any information contained in a report transmitted under 
subsection (a) is subsequently revised, the President shall promptly 
transmit to the Congress and the Comptroller General a supplemen-
tary report stating and explaining each such revision. 
"(c) Any report or supplementary report transmitted under this 
section shall be printed in the first issue of the Federal Register pub-
lished after that report or supplementary report is so transmitted."' 
TITLE V—MISCELLANEOUS PROVISIONS 
84 Stat. 709. 
26 u s e 3304 
notes. 
AMENDMENT TO FEDERAL-STATE EXTENDED U N E M P L O Y M E N T 
COMPENSATION ACT OF 19 70 
SEC. 501. Section 203(e) (2) of the Federal-State Extended Unem-
ployment Compensation Act of 1970 is amended by adding at the 
end thereof the following new sentence: "Effective with respect to 
compensation for weeks of unemployment beginning before July 1, 
1973, and beginning after the date of the enactment of this sentence 
(or, if later, the date established pursuant to State law), the State 
may by law provide that the determination of whether there has been 
a State 'off' indicator ending any extended benefit period shall be 
made under this subsection as if paragraph (1) did not contain sub-
paragraph (A) thereof." 
Approved October 27, 1972. 
October 27, 1972 
[H. R. 17038] 
Public Law 92-600 
AN ACT 
Designating the Oakley Reservoir on the Sangamon River at Decatur, Illinois, as 
the William L. Springer Lake. 
Oakley Reser-
voir, Sangamon 
River, III. 
Name change. 
76 Stat. 1180. 
Be it etiacted hi^ the Senate and House of Representatives 
of the 
United States of America in Congress assemibled, That the Oakley 
Reservoir on the Sangamon River at Decatur, Illinois, authorized by 
section 203 of the Flood Control Act of 1962, shall hereafter be known 
as the William L. Springer Lake, and any law, regulation, document, 
or record of the United States in which such project is designated or 
referred to shall be held to refer to such project under and by the name 
of "William L. Springer Lake." 
Approved October 27, 1972. 
/.: .