A bill to temporarily suspend the debt limit through December 31, 2024.

II Calendar No. 40 118TH CONGRESS 1ST SESSION S. 1395 To temporarily suspend the debt limit through December 31, 2024. IN THE SENATE OF THE UNITED STATES MAY 1, 2023 Mr. SCHUMER (for himself, Mrs. MURRAY, Mr. WYDEN, and Mr. WHITEHOUSE) introduced the following bill; which was read the first time MAY 2, 2023 Read the second time and placed on the calendar A BILL To temporarily suspend the debt limit through December 31, 2024. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. TEMPORARY EXTENSION OF PUBLIC DEBT 3 LIMIT. 4 (a) IN GENERAL.—Section 3101(b) of title 31, 5 United States Code, shall not apply for the period begin- 6 ning on the date of enactment of this Act and ending on 7 December 31, 2024. 8 VerDate Sep 11 2014 22:32 May 02, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1395.PCS S1395 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1395 PCS (b) SPECIAL RULE RELATING TO OBLIGATIONS 1 ISSUED DURING EXTENSION PERIOD.—Effective on Jan- 2 uary 1, 2025, the limitation in effect under section 3 3101(b) of title 31, United States Code, shall be increased 4 to the extent that— 5 (1) the face amount of obligations issued under 6 chapter 31 of such title and the face amount of obli- 7 gations whose principal and interest are guaranteed 8 by the United States Government (except guaran- 9 teed obligations held by the Secretary of the Treas- 10 ury) outstanding on January 1, 2025, exceeds 11 (2) the face amount of such obligations out- 12 standing on the date of enactment of this Act. 13 (c) EXTENSION LIMITED TO NECESSARY OBLIGA- 14 TIONS.—An obligation shall not be taken into account 15 under subsection (b)(1) unless the issuance of such obliga- 16 tion was necessary to fund a commitment incurred pursu- 17 ant to law by the Federal Government that required pay- 18 ment before January 1, 2025. 19 VerDate Sep 11 2014 22:32 May 02, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1395.PCS S1395 kjohnson on DSK79L0C42PROD with BILLS VerDate Sep 11 2014 22:32 May 02, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1395.PCS S1395 kjohnson on DSK79L0C42PROD with BILLS Calendar No. 40 118TH CONGRESS 1ST SESSION S. 1395 A BILL To temporarily suspend the debt limit through December 31, 2024. MAY 2, 2023 Read the second time and placed on the calendar VerDate Sep 11 2014 22:32 May 02, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6651 Sfmt 6651 E:\BILLS\S1395.PCS S1395 kjohnson on DSK79L0C42PROD with BILLS