What This Bill Does
This bill removes the debt ceiling, which is a legal limit on how much money the federal government can borrow. The bill also makes changes to federal laws that currently reference the debt ceiling.
Who It Affects
The bill directly affects federal agencies and programs that manage government borrowing and retirement funds for federal employees, including the Civil Service Retirement and Disability Fund and the Thrift Savings Fund.
Key Provisions
• The federal government's debt ceiling limit is eliminated from federal law (Sec. 2(a))
• References to the debt ceiling in the Congressional Budget Act of 1974 are replaced with new language about government obligations and guaranteed debt (Sec. 2(b)(1))
• Sections of federal law relating to debt issuance suspension periods in federal employee retirement programs are repealed (Sec. 2(b)(2) and Sec. 2(b)(3))
• Changes are made to the Federal Deposit Insurance Act by removing one provision and renumbering others (Sec. 2(b)(4))
• Certain rules that existed before this law passed continue to apply to any debt issuance suspension period already in effect when the bill becomes law (Sec. 2(c))
What Changes
If this bill becomes law, the government would no longer have a maximum amount it is legally allowed to borrow. Federal laws that currently mention the debt ceiling would be updated to refer instead to the face value of government obligations and guaranteed debt.
Important Definitions
Not specified in bill text
Effective Date
Not specified in bill text
I
118TH CONGRESS
1ST SESSION
H. R. 415
To repeal the debt ceiling, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 20, 2023
Mr. FOSTER (for himself, Mr. BEYER, Mr. CONNOLLY, Mr. EVANS, Ms. NOR-
TON, Mr. MEEKS, Ms. JACOBS, Mr. CASTEN, Mr. LARSEN of Washington,
Ms. TLAIB, Mr. TRONE, Ms. JAYAPAL, Mr. TAKANO, Mr. DAVIS of Illi-
nois, Ms. SA´NCHEZ, Ms. VELA´ZQUEZ, Mr. GARCI´A of Illinois, Mrs. DIN-
GELL, Mr. GOMEZ, Mr. MCGOVERN, Mr. JOHNSON of Georgia, Mr. CAR-
SON, Mr. COHEN, Ms. WILLIAMS of Georgia, Mrs. WATSON COLEMAN,
Mr. TORRES of New York, Mr. QUIGLEY, Mr. POCAN, Mr. HIMES, Mr.
BLUMENAUER, Ms. BROWNLEY, Mr. HUFFMAN, Ms. JACKSON LEE, Mr.
PAYNE, Ms. LEE of California, Mr. BOWMAN, Ms. TOKUDA, Mr.
ESPAILLAT, Mrs. HAYES, Ms. CROCKETT, Mr. SMITH of Washington, Mr.
THANEDAR, and Mr. COSTA) introduced the following bill; which was re-
ferred to the Committee on Ways and Means
A BILL
To repeal the debt ceiling, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘End the Threat of
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Default Act’’.
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•HR 415 IH
SEC. 2. REPEAL OF DEBT CEILING.
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(a) IN GENERAL.—Section 3101 of title 31, United
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States Code, is repealed.
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(b) TECHNICAL AND CONFORMING AMENDMENTS.—
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(1) Section 301(b)(5) of the Congressional
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Budget Act of 1974 (2 U.S.C. 632(b)(5)) is amend-
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ed by striking ‘‘debt subject to limit (in section 3101
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of title 31 of the United States Code)’’ and inserting
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‘‘face value of obligations issued under chapter 31 of
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title 31, United States Code, and the face amount
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of obligations whose principal and interest are guar-
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anteed by the United States Government (except
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guaranteed obligations held by the Secretary of the
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Treasury)’’.
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(2) Section 8348 of title 5, United States Code,
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is amended by striking subsections (j), (k), and (l).
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(3) Section 8438 of title 5, United States Code,
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is amended by striking subsections (g) and (h).
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(4) Section 14(d)(2) of the Federal Deposit In-
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surance Act (12 U.S.C. 1824(d)(2)) is amended—
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(A) by striking subparagraph (A); and
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(B) by redesignating subparagraphs (B),
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(C), and (D) as subparagraphs (A), (B), and
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(C), respectively.
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(5) Section 3101A of title 31, United States
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Code, is repealed.
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•HR 415 IH
(6) Section 3130(e)(2) of title 31, United
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States Code, is amended by striking ‘‘total amount
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of the obligations subject to the public debt limit es-
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tablished in section 3101 of this title’’ and inserting
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‘‘face value of obligations issued under this chapter
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and the face amount of obligations whose principal
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and interest are guaranteed by the United States
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Government (except guaranteed obligations held by
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the Secretary of the Treasury)’’.
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(7) Section 1145(b) of the Social Security Act
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(42 U.S.C. 1320b–15(b)) is amended by striking
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‘‘any obligation subject to the public debt limit es-
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tablished under section 3101 of title 31, United
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States Code’’ and inserting ‘‘any obligation issued
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under chapter 31 of title 31, United States Code,
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and any obligation whose principal and interest are
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guaranteed by the United States Government (ex-
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cept guaranteed obligations held by the Secretary of
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the Treasury)’’.
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(8) The table of sections for chapter 31 of title
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31, United States Code, is amended by striking the
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items relating to sections 3101 and 3101A.
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(c) SAVINGS PROVISIONS.—
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(1) CIVIL
SERVICE
RETIREMENT
AND
DIS-
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ABILITY FUND.—Notwithstanding the amendments
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•HR 415 IH
made by subsection (b), paragraphs (2), (3), and (4)
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of subsection (j) and subsection (l)(1) of section
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8348 of title 5, United States Code, as in effect on
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the day before the date of enactment of this Act,
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shall apply to any debt issuance suspension period
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(as defined under section 8348(j)(5) of such title)
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that is in effect on the date of enactment of this
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Act.
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(2) THRIFT SAVINGS FUND.—Notwithstanding
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the amendments made by subsection (b), paragraphs
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(2), (3), and (4) of subsection (g) and subsection
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(h)(1) of section 8438 of title 5, United States Code,
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as in effect on the day before the date of enactment
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of this Act, shall apply to any debt issuance suspen-
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sion period (as defined under section 8438(g)(6) of
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such title) that is in effect on the date of enactment
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of this Act.
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Æ
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