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Debt Ceiling Bill

Debt Ceiling Bill

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Published by Joseph Weisenthal
Debt Ceiling Bill
Debt Ceiling Bill

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Published by: Joseph Weisenthal on Jan 21, 2013
Copyright:Attribution Non-commercial

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10/17/2013

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.....................................................................(Original Signature of Member)
113
TH
CONGRESS1
ST
S
ESSION
 
H. R.
 ll 
 
To ensure the complete and timely payment of the obligations of the UnitedStates Government until May 19, 2013, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
Mr. C
 AMP
(for himself and Mrs. M
ILLER
of Michigan) introduced the fol-lowing bill; which was referred to the Committee on
 lllllllllllllll 
 
A BILL
 
To ensure the complete and timely payment of the obligationsof the United States Government until May 19, 2013,and for other purposes.
 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 SUSPENSION OF DEBT CEILING.
3
(a) S
USPENSION
.—Section 3101(b) of title 31,
4
United States Code, shall not apply for the period begin-
5
ning on the date of the enactment of this Act and ending 
6
on May 18, 2013.
7
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2(b) S
PECIAL
R
ULE
R
ELATING TO
O
BLIGATIONS
 
1
I
SSUED
D
URING
S
USPENSION
P
ERIOD
.—Effective May 
2
19, 2013, the limitation in section 3101(b) of title 31,
3
United States Code, as increased by section 3101A of such
4
title, is increased 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 May 19, 2013, exceeds
11
(2) the face amount of such obligations out-
12
standing on the date of the enactment of this Act.
13
 An obligation shall not be taken into account under para-
14
graph (1) unless the issuance of such obligation was nec-
15
essary to fund a commitment incurred by the Federal Gov-
16
ernment that required payment before May 19, 2013.
17
SEC. 2. HOLDING SALARIES OF MEMBERS OF CONGRESS IN
18
ESCROW UPON FAILURE TO AGREE TO BUDG-
19
ET RESOLUTION.
20
(a) H
OLDING
S
 ALARIES IN
E
SCROW 
.—
21
(1) I
N GENERAL
.—If by April 15, 2013, a
22
House of Congress has not agreed to a concurrent
23
resolution on the budget for fiscal year 2014 pursu-
24
ant to section 301 of the Congressional Budget Act
25
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3of 1974, during the period described in paragraph
1
(2) the payroll administrator of that House of Con-
2
gress shall deposit in an escrow account all pay-
3
ments otherwise required to be made during such
4
period for the compensation of Members of Congress
5
 who serve in that House of Congress, and shall re-
6
lease such payments to such Members only upon the
7
expiration of such period.
8
(2) P
ERIOD DESCRIBED
.—With respect to a
9
House of Congress, the period described in this
10
paragraph is the period which begins on April 16,
11
2013, and ends on the earlier of—
12
(A) the day on which the House of Con-
13
gress agrees to a concurrent resolution on the
14
 budget for fiscal year 2014 pursuant to section
15
301 of the Congressional Budget Act of 1974;
16
or
17
(B) the last day of the One Hundred Thir-
18
teenth Congress.
19
(3) W 
ITHHOLDING AND REMITTANCE OF
 
20
 AMOUNTS FROM PAYMENTS HELD IN ESCROW 
.—The
21
payroll administrator shall provide for the same
22
 withholding and remittance with respect to a pay-
23
ment deposited in an escrow account under para-
24
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