This bill suspends the public debt limit through December 16, 2022. The bill also requires the limit to be adjusted on December 17, 2022, to accommodate obligations issued during the suspension period.
To temporarily extend the public debt limit until December 16, 2022.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.

    (a) In General.--Section 3101(b) of title 31, United States Code, 
shall not apply for the period beginning on the date of enactment of 
this Act and ending on December 16, 2022.
    (b) Special Rule Relating to Obligations Issued During Extension 
Period.--Effective on December 17, 2022, the limitation in effect under 
section 3101(b) of title 31, United States Code, shall be increased to 
the extent that--
            (1) the face amount of obligations issued under chapter 31 
        of such title and the face amount of obligations whose 
        principal and interest are guaranteed by the United States 
        Government (except guaranteed obligations held by the Secretary 
        of the Treasury) outstanding on December 17, 2022, exceeds
            (2) the face amount of such obligations outstanding on the 
        date of enactment of this Act.
    (c) Extension Limited to Necessary Obligations.--An obligation 
shall not be taken into account under subsection (b)(1) unless the 
issuance of such obligation was necessary to fund a commitment incurred 
pursuant to law by the Federal Government that required payment before 
December 17, 2022.
                                                       Calendar No. 138

117th CONGRESS

  1st Session

                                S. 2868

_______________________________________________________________________
A bill to temporarily extend the public debt limit until December 16, 2022.
A bill to temporarily extend the public debt limit until December 16, 2022.
Official Titles - Senate
Official Title as Introduced
A bill to temporarily extend the public debt limit until December 16, 2022.
Sen. Schumer, Charles E.