II
118THCONGRESS
1
STSESSION S. 1190
To repeal the debt ceiling, and for other purposes.
IN THE SENATE OF THE UNITED STATES
APRIL19, 2023
Mr. S
CHATZ(for himself, Mr. CASEY, Ms. HIRONO, Mr. WHITEHOUSE, Mr.
B
ENNET, Mr. LUJA´N, Mr. VANHOLLEN, Mr. DURBIN, Mr. HEINRICH,
Ms. W
ARREN, Mr. MURPHY, Ms. SMITH, and Mr. MARKEY) introduced
the following bill; which was read twice and referred to the Committee
on Finance
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
SEC. 2. REPEAL OF DEBT CEILING. 6
(a) I
NGENERAL.—Section 3101 of title 31, United 7
States Code, is repealed. 8
(b) T
ECHNICAL ANDCONFORMINGAMENDMENTS.— 9
VerDate Sep 11 2014 03:27 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1190.IS S1190
pbinns on DSKJLVW7X2PROD with $$_JOB 2
•S 1190 IS
(1) Section 301(b)(5) of the Congressional 1
Budget Act of 1974 (2 U.S.C. 632(b)(5)) is amend-2
ed by striking ‘‘debt subject to limit (in section 3101 3
of title 31 of the United States Code)’’ and inserting 4
‘‘face value of obligations issued under chapter 31 of 5
title 31, United States Code, and the face amount 6
of obligations whose principal and interest are guar-7
anteed by the United States Government (except 8
guaranteed obligations held by the Secretary of the 9
Treasury)’’. 10
(2) Section 8348 of title 5, United States Code, 11
is amended by striking subsections (j), (k), and (l). 12
(3) Section 8438 of title 5, United States Code, 13
is amended by striking subsections (g) and (h). 14
(4) Section 14(d)(2) of the Federal Deposit In-15
surance Act (12 U.S.C. 1824(d)(2)) is amended— 16
(A) by striking subparagraph (A); and 17
(B) by redesignating subparagraphs (B), 18
(C), and (D) as subparagraphs (A), (B), and 19
(C), respectively. 20
(5) Section 3101A of title 31, United States 21
Code, is repealed. 22
(6) Section 3130(e)(2) of title 31, United 23
States Code, is amended by striking ‘‘total amount 24
of the obligations subject to the public debt limit es-25
VerDate Sep 11 2014 03:27 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1190.IS S1190
pbinns on DSKJLVW7X2PROD with $$_JOB 3
•S 1190 IS
tablished in section 3101 of this title’’ and inserting 1
‘‘face value of obligations issued under this chapter 2
and the face amount of obligations whose principal 3
and interest are guaranteed by the United States 4
Government (except guaranteed obligations held by 5
the Secretary of the Treasury)’’. 6
(7) Section 1145(b) of the Social Security Act 7
(42 U.S.C. 1320b–15(b)) is amended by striking 8
‘‘any obligation subject to the public debt limit es-9
tablished under section 3101 of title 31, United 10
States Code’’ and inserting ‘‘any obligation issued 11
under chapter 31 of title 31, United States Code, 12
and any obligation whose principal and interest are 13
guaranteed by the United States Government (ex-14
cept guaranteed obligations held by the Secretary of 15
the Treasury)’’. 16
(8) The table of sections for chapter 31 of title 17
31, United States Code, is amended by striking the 18
items relating to sections 3101 and 3101A. 19
(c) S
AVINGSPROVISIONS.— 20
(1) C
IVIL SERVICE RETIREMENT AND DIS -21
ABILITY FUND.—Notwithstanding the amendments 22
made by subsection (b), paragraphs (2), (3), and (4) 23
of subsection (j) and subsection (l)(1) of section 24
8348 of title 5, United States Code, as in effect on 25
VerDate Sep 11 2014 03:27 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1190.IS S1190
pbinns on DSKJLVW7X2PROD with $$_JOB 4
•S 1190 IS
the day before the date of enactment of this Act, 1
shall apply to any debt issuance suspension period 2
(as defined under section 8348(j)(5) of such title) 3
that is in effect on the date of enactment of this 4
Act. 5
(2) T
HRIFT SAVINGS FUND .—Notwithstanding 6
the amendments made by subsection (b), paragraphs 7
(2), (3), and (4) of subsection (g) and subsection 8
(h)(1) of section 8438 of title 5, United States Code, 9
as in effect on the day before the date of enactment 10
of this Act, shall apply to any debt issuance suspen-11
sion period (as defined under section 8438(g)(6) of 12
such title) that is in effect on the date of enactment 13
of this Act. 14
Æ
VerDate Sep 11 2014 03:27 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S1190.IS S1190
pbinns on DSKJLVW7X2PROD with $$_JOB