HR 6643 IHCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

H. R. 6643CommentsClose CommentsPermalink

To amend title 31, United States Code, to provide authority to increase the debt limit when an Act of Congress provides budget authority or reduces revenues, and for other purposes.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

December 7, 2012CommentsClose CommentsPermalink

Mr. FATTAH introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend title 31, United States Code, to provide authority to increase the debt limit when an Act of Congress provides budget authority or reduces revenues, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Ending Fiscal Cliffs Act of 2012’.CommentsClose CommentsPermalink

SEC. 2. FINDINGS.

The Congress finds that--CommentsClose CommentsPermalink





(1) Congress has been granted exclusive authority for the collecting and appropriating of revenue in Article I of the Constitution.CommentsClose CommentsPermalink





(2) Any increase in the public debt limit is necessary in response to obligations and reduced revenue authorized by Congress.CommentsClose CommentsPermalink





(3) Stability and predictability in the full faith and credit of the United States are critical to economic security.CommentsClose CommentsPermalink





(4) World markets are sensitive to the fiscal affairs of the United States given its role as a global leader and its status as the wealthiest nation.CommentsClose CommentsPermalink

SEC. 3. CHANGE IN PUBLIC DEBT LIMIT WHEN ACT OF CONGRESS PROVIDES BUDGET AUTHORITY OR REDUCES REVENUES.

Subsection (b) of section 3101 of title 31, United States Code, is amended--CommentsClose CommentsPermalink





(1) by striking ‘The face amount’ and inserting ‘(1) The face amount’;CommentsClose CommentsPermalink





(2) by inserting ‘(increased or decreased, as necessary, by the applicable amount)’ after ‘$14,294,000,000,000’; andCommentsClose CommentsPermalink





(3) by adding at the end the following:CommentsClose CommentsPermalink





‘(2)(A) For purposes of paragraph (1), the Secretary of the Treasury shall determine the applicable amount after the enactment of any Act of Congress that provides budget authority (as defined in section 3(2) of the Congressional Budget Act of 1974 (2 U.S.C. 622(2))) or reduces revenues and shall publish such amount in the Federal Register.CommentsClose CommentsPermalink





‘(B) For purposes of subparagraph (B), the term ‘applicable amount’ means the amount determined by the Secretary of the Treasury to be required to meet existing commitments.’.CommentsClose CommentsPermalink