Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB1190 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	118THCONGRESS
3	3	1
4	4	STSESSION S. 1190
5	5	To repeal the debt ceiling, and for other purposes.
6	6	IN THE SENATE OF THE UNITED STATES
7	7	APRIL19, 2023
8	8	Mr. S
9	9	CHATZ(for himself, Mr. CASEY, Ms. HIRONO, Mr. WHITEHOUSE, Mr.
10	10	B
11	11	ENNET, Mr. LUJA´N, Mr. VANHOLLEN, Mr. DURBIN, Mr. HEINRICH,
12	12	Ms. W
13	13	ARREN, Mr. MURPHY, Ms. SMITH, and Mr. MARKEY) introduced
14	14	the following bill; which was read twice and referred to the Committee
15	15	on Finance
16	16	A BILL
17	17	To repeal the debt ceiling, and for other purposes.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘End the Threat of 4
22	22	Default Act’’. 5
23	23	SEC. 2. REPEAL OF DEBT CEILING. 6
24	24	(a) I
25	25	NGENERAL.—Section 3101 of title 31, United 7
26	26	States Code, is repealed. 8
27	27	(b) T
28	28	ECHNICAL ANDCONFORMINGAMENDMENTS.— 9
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31	31	•S 1190 IS
32	32	(1) Section 301(b)(5) of the Congressional 1
33	33	Budget Act of 1974 (2 U.S.C. 632(b)(5)) is amend-2
34	34	ed by striking ‘‘debt subject to limit (in section 3101 3
35	35	of title 31 of the United States Code)’’ and inserting 4
36	36	‘‘face value of obligations issued under chapter 31 of 5
37	37	title 31, United States Code, and the face amount 6
38	38	of obligations whose principal and interest are guar-7
39	39	anteed by the United States Government (except 8
40	40	guaranteed obligations held by the Secretary of the 9
41	41	Treasury)’’. 10
42	42	(2) Section 8348 of title 5, United States Code, 11
43	43	is amended by striking subsections (j), (k), and (l). 12
44	44	(3) Section 8438 of title 5, United States Code, 13
45	45	is amended by striking subsections (g) and (h). 14
46	46	(4) Section 14(d)(2) of the Federal Deposit In-15
47	47	surance Act (12 U.S.C. 1824(d)(2)) is amended— 16
48	48	(A) by striking subparagraph (A); and 17
49	49	(B) by redesignating subparagraphs (B), 18
50	50	(C), and (D) as subparagraphs (A), (B), and 19
51	51	(C), respectively. 20
52	52	(5) Section 3101A of title 31, United States 21
53	53	Code, is repealed. 22
54	54	(6) Section 3130(e)(2) of title 31, United 23
55	55	States Code, is amended by striking ‘‘total amount 24
56	56	of the obligations subject to the public debt limit es-25
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59	59	•S 1190 IS
60	60	tablished in section 3101 of this title’’ and inserting 1
61	61	‘‘face value of obligations issued under this chapter 2
62	62	and the face amount of obligations whose principal 3
63	63	and interest are guaranteed by the United States 4
64	64	Government (except guaranteed obligations held by 5
65	65	the Secretary of the Treasury)’’. 6
66	66	(7) Section 1145(b) of the Social Security Act 7
67	67	(42 U.S.C. 1320b–15(b)) is amended by striking 8
68	68	‘‘any obligation subject to the public debt limit es-9
69	69	tablished under section 3101 of title 31, United 10
70	70	States Code’’ and inserting ‘‘any obligation issued 11
71	71	under chapter 31 of title 31, United States Code, 12
72	72	and any obligation whose principal and interest are 13
73	73	guaranteed by the United States Government (ex-14
74	74	cept guaranteed obligations held by the Secretary of 15
75	75	the Treasury)’’. 16
76	76	(8) The table of sections for chapter 31 of title 17
77	77	31, United States Code, is amended by striking the 18
78	78	items relating to sections 3101 and 3101A. 19
79	79	(c) S
80	80	AVINGSPROVISIONS.— 20
81	81	(1) C
82	82	IVIL SERVICE RETIREMENT AND DIS -21
83	83	ABILITY FUND.—Notwithstanding the amendments 22
84	84	made by subsection (b), paragraphs (2), (3), and (4) 23
85	85	of subsection (j) and subsection (l)(1) of section 24
86	86	8348 of title 5, United States Code, as in effect on 25
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89	89	•S 1190 IS
90	90	the day before the date of enactment of this Act, 1
91	91	shall apply to any debt issuance suspension period 2
92	92	(as defined under section 8348(j)(5) of such title) 3
93	93	that is in effect on the date of enactment of this 4
94	94	Act. 5
95	95	(2) T
96	96	HRIFT SAVINGS FUND .—Notwithstanding 6
97	97	the amendments made by subsection (b), paragraphs 7
98	98	(2), (3), and (4) of subsection (g) and subsection 8
99	99	(h)(1) of section 8438 of title 5, United States Code, 9
100	100	as in effect on the day before the date of enactment 10
101	101	of this Act, shall apply to any debt issuance suspen-11
102	102	sion period (as defined under section 8438(g)(6) of 12
103	103	such title) that is in effect on the date of enactment 13
104	104	of this Act. 14
105	105	Æ
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