S. 1395Senate118th Congress (2023-2025)Introduced

A bill to temporarily suspend the debt limit through December 31, 2024.

Introduced May 1, 2023

AI-Generated Summary

Updated January 20, 2026 at 6:59 AM UTC

The bill temporarily lifts the statutory limit on the federal government's borrowing authority from the date it becomes law through December 31, 2024. By suspending the debt ceiling, the Treasury can issue new debt without hitting the cap. After the suspension ends on January 1, 2025, the debt limit is raised by the amount of debt issued during the suspension that was needed to fund obligations due before that date.

Key Provisions

  • Suspends the application of the debt‑limit provision of 31 U.S.C. §3101(b) from enactment until December 31, 2024.
  • Effective January 1, 2025, the debt limit is increased by the face amount of obligations issued during the suspension that were necessary to fund commitments required before that date.
  • Only obligations that were necessary to meet pre‑2025 legal commitments are counted toward the post‑suspension increase.

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. 40.

May 2, 2023

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SenateIntro Referral

Introduced in Senate

May 1, 2023

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text: CR S1443)

May 1, 2023

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 40.

May 2, 2023

Floor Debate

2 members

What members said about S. 1395 on the floor

2 Democrats
Alex Padilla
Sen. Alex PadillaD-CA · May 1, 2023

Madam President, I rise to introduce the Citizenship for Essential Workers Act. This legislation would provide a pathway to citizenship for these workers and their families, who have played a…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · May 2, 2023

Mr. President, first, a little housekeeping: I understand that there are two bills at the desk due for a second reading en bloc. In order to place the bills on the Calendar under the provisions of…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · May 1, 2023

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

Charles E. Schumer
Sen. Charles E. SchumerD-NY · May 1, 2023

Madam President, I ask unanimous consent that the text of the bill be printed in the Record.

Charles E. Schumer
Sen. Charles E. SchumerD-NY · May 1, 2023

Madam President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Placed on Calendar SenateIssued May 2, 2023

II

Calendar No. 40

118th CONGRESS

1st Session

S. 1395

IN THE SENATE OF THE UNITED STATES

May 1, 2023

Mr. Schumer (for himself, Mrs. Murray, Mr. Wyden, and Mr. Whitehouse) introduced the following bill; which was read the first time

May 2, 2023

Read the second time and placed on the calendar

A BILL

To temporarily suspend the debt limit through December 31, 2024.

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 31, 2024.

(b)

Special rule relating to obligations issued during extension period

Effective on January 1, 2025, 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 January 1, 2025, 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 January 1, 2025.

May 2, 2023

Read the second time and placed on the calendar