A bill to provide for a temporary increase in the public debt limit, and for other purposes.
PL 96-5 (H.R.2534), enacted 04/02/1979

93 STAT. 8 
PUBLIC LAW 96-5—APR. 2, 1979 
Public Law 96-5 
96th Congress 
Apr. 2, 1979 
[H.R. 2534] 
Public debt limit. 
Temporary 
increase. 
31 u s e 757b 
note. 
Repeal; effective 
date. 
31 u s e 757b 
note. 
United States 
savings bonds, 
rate increase, 
limitation. 
Report. 
31 u s e 1322 
note. 
Presidential 
alternate 
proposals to 
eongress. 
31 u s e 11 note. 
31 u s e 11. 
An Act 
To provide for a temporary increase in the public debt limit, and for other 
purposes. 
Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled. That, during the 
period beginning on the date of the enactment of this Act and ending 
on September 30, 1979, the public debt limit set forth in the first 
sentence of section 21 of the Second Liberty Bond Act (31 U.S.C. 757b) 
shall be temporarily increased by $430,000,000,000. 
SEC. 2. Effective on the date of the enactment of this Act, the first 
section of the Act of August 3,1978, entitled "An Act to provide for a 
temporary increase in the public debt limit" (Public Law 95-333), is 
hereby repealed. 
SEC. 3. The last sentence of the second paragraph of the first section 
of the Second Liberty Bond Act (31 U.S.C. 752) is amended by striking 
out "$32,000,000,000" and inserting in lieu thereof "$40,000,000,000 . 
SEC. 4. With respect to interest accrual periods beginning after the 
date of the enactment of this Act, paragraph (3) of section 22(b) of the 
Second Liberty Bond Act (31 U.S.C. 757c) is amended to read as 
follows: 
"(3) The Secretary of the Treasury, with the approval of the 
President, may increase the investment 5deld on any United States 
savings bonds above the BVz per centum limitation contained in 
paragraph (1) so long as such yield does not exceed 7 per centum 
per annum compounded semiannually.". 
SEC. 5. Congress shall balance the Federal budget. Pursuant to this 
mandate, the Budget 0)mmittees shall report, by April 15, 1979, a 
fiscal year budget for 1981 that shall be in balance, and also a fiscal 
year budget for 1982 that shall be in balance, and by April 15,1980, a 
fiscal year budget for 1981 that shall be in balance, and by April 15, 
1981, a fiscal year budget for 1982 that shall be in balance; and the 
Budget Committees shall show the consequences of each budget on 
each budget function and on the economy, setting forth the effects on 
revenues, spending, employment, inflation, and national security. 
SEC. 6. (a) If a budget which is transmitted by the President to the 
Congress under section 201 of the Budget and Accounting Act, 1921, 
would, if adopted, result in a deficit in fiscal year 1981 or in fiscal year 
1982, the President shall also transmit alternate budget proposals 
which, if adopted, would not result in a deficit. 
(b) Such alternate budget proposals shall be transmitted with the 
budget and, except as provided in subsection (c), shall be in such 
detail as the President determines necessary to carry out the pur-
poses of this section. 
PUBLIC LAW 96-5—APR. 2, 1979 
93 STAT. 9 
(c) Alternate budget proposals for a fiscal year transmitted under 
subsection (a) shall include a clear and understandable explanation of 
specific differences between the budget and alternate budget 
proposals. 
Approved April 2, 1979. 
LEGISLATIVE HISTORY: 
HOUSE REPORT No. 96-31 (Comm. on Ways and Means). 
CONGRESSIONAL RECORD, Vol. 125 (1979): 
Mar. 15, considered and passed House. 
Mar. 21, 22, 26, 27, considered and passed Senate, amended. 
Mar. 28, Apr. 2, House concurred in Senate amendment.