I
118THCONGRESS
1
STSESSION H. R. 415
To repeal the debt ceiling, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY20, 2023
Mr. F
OSTER(for himself, Mr. BEYER, Mr. CONNOLLY, Mr. EVANS, Ms. NOR-
TON, Mr. MEEKS, Ms. JACOBS, Mr. CASTEN, Mr. LARSENof Washington,
Ms. T
LAIB, Mr. TRONE, Ms. JAYAPAL, Mr. TAKANO, Mr. DAVISof Illi-
nois, Ms. S
A´NCHEZ, Ms. VELA´ZQUEZ, Mr. GARCI´Aof Illinois, Mrs. DIN-
GELL, Mr. GOMEZ, Mr. MCGOVERN, Mr. JOHNSONof Georgia, Mr. CAR-
SON, Mr. COHEN, Ms. WILLIAMSof Georgia, Mrs. WATSONCOLEMAN,
Mr. T
ORRESof New York, Mr. QUIGLEY, Mr. POCAN, Mr. HIMES, Mr.
B
LUMENAUER, Ms. BROWNLEY, Mr. HUFFMAN, Ms. JACKSONLEE, Mr.
P
AYNE, Ms. LEEof California, Mr. BOWMAN, Ms. TOKUDA, Mr.
E
SPAILLAT, Mrs. HAYES, Ms. CROCKETT, Mr. SMITHof Washington, Mr.
T
HANEDAR, 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-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘End the Threat of 4
Default Act’’. 5
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SEC. 2. REPEAL OF DEBT CEILING. 1
(a) I
NGENERAL.—Section 3101 of title 31, United 2
States Code, is repealed. 3
(b) T
ECHNICAL ANDCONFORMINGAMENDMENTS.— 4
(1) Section 301(b)(5) of the Congressional 5
Budget Act of 1974 (2 U.S.C. 632(b)(5)) is amend-6
ed by striking ‘‘debt subject to limit (in section 3101 7
of title 31 of the United States Code)’’ and inserting 8
‘‘face value of obligations issued under chapter 31 of 9
title 31, United States Code, and the face amount 10
of obligations whose principal and interest are guar-11
anteed by the United States Government (except 12
guaranteed obligations held by the Secretary of the 13
Treasury)’’. 14
(2) Section 8348 of title 5, United States Code, 15
is amended by striking subsections (j), (k), and (l). 16
(3) Section 8438 of title 5, United States Code, 17
is amended by striking subsections (g) and (h). 18
(4) Section 14(d)(2) of the Federal Deposit In-19
surance Act (12 U.S.C. 1824(d)(2)) is amended— 20
(A) by striking subparagraph (A); and 21
(B) by redesignating subparagraphs (B), 22
(C), and (D) as subparagraphs (A), (B), and 23
(C), respectively. 24
(5) Section 3101A of title 31, United States 25
Code, is repealed. 26
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(6) Section 3130(e)(2) of title 31, United 1
States Code, is amended by striking ‘‘total amount 2
of the obligations subject to the public debt limit es-3
tablished in section 3101 of this title’’ and inserting 4
‘‘face value of obligations issued under this chapter 5
and the face amount of obligations whose principal 6
and interest are guaranteed by the United States 7
Government (except guaranteed obligations held by 8
the Secretary of the Treasury)’’. 9
(7) Section 1145(b) of the Social Security Act 10
(42 U.S.C. 1320b–15(b)) is amended by striking 11
‘‘any obligation subject to the public debt limit es-12
tablished under section 3101 of title 31, United 13
States Code’’ and inserting ‘‘any obligation issued 14
under chapter 31 of title 31, United States Code, 15
and any obligation whose principal and interest are 16
guaranteed by the United States Government (ex-17
cept guaranteed obligations held by the Secretary of 18
the Treasury)’’. 19
(8) The table of sections for chapter 31 of title 20
31, United States Code, is amended by striking the 21
items relating to sections 3101 and 3101A. 22
(c) S
AVINGSPROVISIONS.— 23
(1) C
IVIL SERVICE RETIREMENT AND DIS -24
ABILITY FUND.—Notwithstanding the amendments 25
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made by subsection (b), paragraphs (2), (3), and (4) 1
of subsection (j) and subsection (l)(1) of section 2
8348 of title 5, United States Code, as in effect on 3
the day before the date of enactment of this Act, 4
shall apply to any debt issuance suspension period 5
(as defined under section 8348(j)(5) of such title) 6
that is in effect on the date of enactment of this 7
Act. 8
(2) T
HRIFT SAVINGS FUND .—Notwithstanding 9
the amendments made by subsection (b), paragraphs 10
(2), (3), and (4) of subsection (g) and subsection 11
(h)(1) of section 8438 of title 5, United States Code, 12
as in effect on the day before the date of enactment 13
of this Act, shall apply to any debt issuance suspen-14
sion period (as defined under section 8438(g)(6) of 15
such title) that is in effect on the date of enactment 16
of this Act. 17
Æ
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