S.Amdt. 123

SA 123. Mr. GRAHAM submitted an amendment intended to be proposed by
him 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 all after the enacting clause and insert the
following:

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--
(1) beginning on the date of enactment of this Act; and
(2) ending on the date that is 90 days after the date of
enactment of this Act.
(b) Special Rule Relating to Obligations Issued During
Extension Period.--Effective on the day after the date
described in subsection (a)(2), 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 the date described
in subsection (a)(2); 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 on or before the date
described in subsection (a)(2).
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