Sec. 40001. Limited suspension of debt ceiling
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/bill/118/hr/2811/ih/section-40001·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 3101(b) of title 31, United States Code, shall not apply during the period beginning on the date of the enactment of this Act and ending on the applicable date. Subsection
(a)shall not apply to the extent that the application of such subsection would result in the face amount of obligations subject to limitation under section 3101(b) of title 31, United States Code, to exceed the sum of— the dollar limitation in effect under such section on the date of the enactment of this Act, increased by $1,500,000,000,000. For purposes of this section, the term applicable date means the earlier of— March 31, 2024, or the first date on which subsection
(a)does not apply by reason of subsection (b). Effective as of the close of the applicable date, the dollar limitation in section 3101(b) of title 31, United States Code, is increased to the extent that— the face amount of obligations subject to limitation under such section outstanding as of the close of the applicable date, exceeds the face amount of such obligations outstanding on the date of the enactment of this Act. An obligation shall not be taken into account under paragraph
(1)unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment on or before the applicable date.