S. 2868Senate117th Congress (2021-2023)Introduced

A bill to temporarily extend the public debt limit until December 16, 2022.

Introduced September 28, 2021

AI-Generated Summary

Updated February 8, 2026 at 6:59 AM UTC

The bill temporarily lifts the federal debt ceiling, stopping the legal limit on borrowing from the day it becomes law until December 16, 2022. After that date, the debt limit is automatically raised to cover any Treasury securities issued during the suspension, but only if they were needed to meet obligations that had to be paid before December 17, 2022. This affects the Treasury’s ability to issue debt and the overall federal borrowing limit.

Key Provisions

  • Suspends the debt‑limit restriction in Section 3101(b) of the U.S. Code from enactment until December 16, 2022.
  • Effective December 17, 2022, raises the debt limit to include the total face amount of Treasury obligations issued during the suspension period, provided they were necessary to fund commitments due before that date.

Legislative Activity

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2 earlier actions
SenateCalendars Latest Action

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 138.

September 29, 2021

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SenateIntro Referral

Introduced in Senate

September 28, 2021

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text: CR S6743)

September 28, 2021

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 138.

September 29, 2021

Floor Debate

2 members

What members said about S. 2868 on the floor

1 Republican1 Democrat
Charles E. Schumer
Sen. Charles E. SchumerD-NY · Sep 28, 2021

Mr. President, last night, Senate Republicans voted unanimously to make a default and a shutdown far more likely and in doing so, solidified themselves as the party of default, the party that says…

Mitch McConnell
Sen. Mitch McConnellR-KY · Sep 28, 2021

Reserving the right to object. Mr. President, my colleague wants to discuss precedence from a decade ago, but he and his colleagues have spent all year boasting that what Democrats are doing to the…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Sep 29, 2021

Mr. President, I understand there are three bills at the desk due for a second reading en bloc. In order to place the bills on the calendar under the provisions of rule XIV, I will object to further…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Sep 28, 2021

Madam President, I understand that there are three bills at the desk, and I ask for their first reading en bloc. I now ask for a second reading, and I object to my own request, all en bloc.

Mitch McConnell
Sen. Mitch McConnellR-KY · Sep 29, 2021

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Bill Text

Latest available legislative text

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Placed on Calendar SenateIssued September 29, 2021

II

Calendar No. 138

117th CONGRESS

1st Session

S. 2868

IN THE SENATE OF THE UNITED STATES

September 28, 2021

Mr. Schumer introduced the following bill; which was read the first time

September 29, 2021

Read the second time and placed on the calendar

A BILL

To temporarily extend the public debt limit until December 16, 2022.

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.

September 29, 2021

Read the second time and placed on the calendar