[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2156 Introduced in House (IH)]
108th CONGRESS
1st Session
H. R. 2156
To provide for a temporary increase in the public debt limit.
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IN THE HOUSE OF REPRESENTATIVES
May 20, 2003
Mr. Rangel introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committee on the
Budget, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To provide for a temporary increase in the public debt limit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. TEMPORARY INCREASE IN PUBLIC DEBT LIMIT.
(a) Temporary Increase in Debt Limit.--During the debt limit
increase period, the public debt limit set forth in subsection (b) of
section 3101 of title 31, United States Code, shall be temporarily
increased by $375,000,000,000.
(b) Balanced Budget Requirement.--Not later than August 31, 2003,
the President shall submit a 10-year plan to the Congress that will
bring the Federal unified budget into balance by fiscal year 2008 and,
thereafter, make uninterrupted progress in reducing the use of Social
Security trust fund surpluses to finance a deficit in the non-Social-
Security budget.
(c) Debt Limit Increase Period.--For purposes of this section, the
term ``debt limit increase period'' means the period beginning on the
date of the enactment of this Act and ending on--
(1) August 31, 2003, in the case that the President fails
to comply with subsection (b), or
(2) September 30, 2003, in the case that the President
complies with subsection (b).
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