Sec. 3. Change in public debt limit when Act of Congress provides budget authority or reduces revenues
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Subsection
(b)of section 3101 of title 31, United States Code, is amended— by striking The face amount and inserting
(1)The face amount ; by inserting (increased or decreased, as necessary, by the applicable amount) after $14,294,000,000,000 ; and by adding at the end the following: For purposes of paragraph (1), the Secretary of the Treasury shall determine the applicable amount after the enactment of any Act of Congress that provides budget authority (as defined in section 3(2) of the Congressional Budget Act of 1974 ( 2 U.S.C. 622(2) )) or reduces revenues and shall publish such amount in the Federal Register. For purposes of subparagraph (B), the term applicable amount means the amount determined by the Secretary of the Treasury to be required to meet existing commitments. .
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Sec. 3
Change in public debt limit when Act of Congress provides budget authority or reduces revenues
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