S.Amdt. 108

SA 108. Ms. LUMMIS submitted an amendment intended to be proposed by
her to the bill H.R. 3746, to provide for a responsible increase to the
debt ceiling; which was ordered to lie on the table; as follows:

Strike division D and insert the following:

DIVISION D--INCREASE IN DEBT LIMIT

SEC. 401. LIMITED SUSPENSION OF DEBT CEILING.

(a) Suspension.--Section 3101(b) of title 31, United States
Code, shall not apply during the period beginning on the date
of enactment of this Act and ending on the applicable date.
(b) Dollar Limitation on Suspension.--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--
(1) the dollar limitation in effect under such section on
the date of the enactment of this Act; increased by
(2) $1,000,000,000,000.
(c) Applicable Date.--For purposes of this section, the
term ``applicable date'' means the earlier of--
(1) November 1, 2023; or
(2) the first date on which subsection (a) does not apply
by reason of subsection (b).
(d) Special Rule Relating to Obligations Issued During
Suspension Period.--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--

[[Page S1908]]

(1) the face amount of obligations subject to limitation
under such section outstanding as of the close of the
applicable date; exceeds
(2) the face amount of such obligations outstanding on the
date of enactment of this Act.
(e) Restoring Congressional Authority Over the National
Debt.--
(1) Extension limited to necessary obligations.--An
obligation shall not be taken into account under subsection
(d)(1) unless the issuance of such obligation was necessary
to fund a commitment incurred pursuant to law by the Federal
Government that required payment on or before the applicable
date.
(2) Prohibition on creation of cash reserve during
extension period.--The Secretary of the Treasury shall not
issue obligations during the period specified in subsection
(a) for the purpose of increasing the cash balance above
normal operating balances in anticipation of the expiration
of such period.
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