I 118TH CONGRESS 1ST SESSION H. R. 3750 To provide a 1-week extension of the public debt limit. 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. 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 the enactment of this Act and ending 7 on June 12, 2023. 8 (b) SPECIAL RULE RELATING TO OBLIGATIONS 9 ISSUED DURING EXTENSION PERIOD.—Effective on June 10 11, 2023, the limitation in effect under section 3101(b) 11 VerDate Sep 11 2014 23:46 Jun 20, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3750.IH H3750 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3750 IH of title 31, United States Code, shall be increased to the 1 extent that— 2 (1) the face amount of obligations issued under 3 chapter 31 of such title and the face amount of obli- 4 gations whose principal and interest are guaranteed 5 by the United States Government (except guaran- 6 teed obligations held by the Secretary of the Treas- 7 ury) outstanding on June 11, 2023, exceeds 8 (2) the face amount of such obligations out- 9 standing on the date of the enactment of this Act. 10 (c) RESTORING CONGRESSIONAL AUTHORITY OVER 11 THE NATIONAL DEBT.— 12 (1) EXTENSION LIMITED TO NECESSARY OBLI- 13 GATIONS.—An obligation shall not be taken into ac- 14 count under subsection (b)(1) unless the issuance of 15 such obligation was necessary to fund a commitment 16 incurred pursuant to law by the Federal Government 17 that required payment before June 11, 2023. 18 (2) PROHIBITION ON CREATION OF CASH RE- 19 SERVE DURING EXTENSION PERIOD.—The Secretary 20 of the Treasury shall not issue obligations during 21 the period specified in subsection (a) for the purpose 22 of increasing the cash balance above normal oper- 23 VerDate Sep 11 2014 23:46 Jun 20, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3750.IH H3750 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3750 IH ating balances in anticipation of the expiration of 1 such period. 2 Æ VerDate Sep 11 2014 23:46 Jun 20, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3750.IH H3750 kjohnson on DSK79L0C42PROD with BILLS