Sec. 137.

284 words·~1 min read·/bill/113/hjres/69/ih/section-137

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Until December 15, 2014, in the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the Secretary of the Treasury shall, in addition to any other authority provided by law, issue obligations under chapter 31 of title 31, United States Code, to pay with legal tender, and solely for the purpose of paying, the principal and interest on obligations of the United States described in subsection

(b)after the date of the enactment of this joint resolution. For purposes of this subsection, obligations described in this subsection are obligations which are— held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund. None of the obligations issued under subsection

(a)may be used to pay compensation for Members of Congress. Obligations issued under subsection

(a)shall not be taken into account in applying the limitation in section 3101(b) of title 31, United States Code, to the extent that such obligation would otherwise cause the limitation in section 3101(b) of title 31, United States Code, to be exceeded. If, after the date of the enactment of this joint resolution, the Secretary of the Treasury exercises his authority under subsection (a), the Secretary shall thereafter submit a report each week the authority is in use providing an accounting relating to— the principal on mature obligations and interest that is due or accrued of the United States, and any obligations issued pursuant to subsection (a). The report required by paragraph

(1)shall be submitted to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate.