Debt Limit Control and Accountability Act of 2017

Debt Limit Control and Accountability Act of 2017

This bill prohibits the Department of the Treasury from using extraordinary measures either to prevent the United States from reaching the statutory debt limit or once the debt limit has been reached.

Under the bill, extraordinary measures are:

• suspending investments of the Thrift Savings Plan G Fund or the Exchange Stabilization Fund,
• suspending the issuance of new securities to the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund,
• redeeming early securities held by the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund,
• suspending the issuance of new State and Local Government Series securities and savings bonds,
• replacing Treasury securities subject to the debt limit with debt issued by the Federal Financing Bank, or
• any other extraordinary actions taken by Treasury to avoid defaulting on the obligations of the United States.

The bill also repeals statutory provisions that established procedures for presidential modification of the debt ceiling.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1529 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1529

  To prohibit the Secretary of the Treasury from using extraordinary 
  measures to prevent the Government from reaching the statutory debt 
    limit, or using extraordinary measures once such limit has been 
                    reached, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2017

  Mr. Sanford (for himself and Mr. Meadows) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To prohibit the Secretary of the Treasury from using extraordinary 
  measures to prevent the Government from reaching the statutory debt 
    limit, or using extraordinary measures once such limit has been 
                    reached, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Debt Limit Control and 
Accountability Act of 2017''.

SEC. 2. PROHIBITION ON USE OF EXTRAORDINARY MEASURES.

    (a) In General.--The Secretary of the Treasury may not use 
extraordinary measures--
            (1) to prevent the United States from reaching the 
        statutory debt limit under section 3101 of title 31, United 
        States Code; or
            (2) once such debt limit has been reached.
    (b) Extraordinary Measures Defined.--For purposes of this section, 
the term ``extraordinary measures'' means--
            (1) suspending the investments of the Thrift Savings Plan G 
        Fund;
            (2) suspending the investments of the Exchange 
        Stabilization Fund;
            (3) suspending the issuance of new securities to the Civil 
        Service Retirement and Disability Fund and Postal Service 
        Retiree Health Benefits Fund;
            (4) redeeming early securities held by the Civil Service 
        Retirement and Disability Fund and the Postal Service Retiree 
        Health Benefits Fund;
            (5) suspending the issuance of new State and Local 
        Government Series securities and savings bonds;
            (6) replacing Treasury securities subject to the debt limit 
        with debt issued by the Federal Financing Bank; or
            (7) any other extraordinary actions taken by the Secretary 
        to avoid defaulting on the obligations of the United States.

SEC. 3. REPEAL OF PRESIDENTIAL MODIFICATION OF THE DEBT CEILING.

    Chapter 31 of title 31, United States Code, is amended--
            (1) by repealing section 3101A; and
            (2) in the table of contents for such chapter, by striking 
        the item relating to section 3101A.

SEC. 4. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) the statutory debt limit under section 3101 of title 
        31, United States Code, should not be suspended;
            (2) if the United States reaches the statutory debt limit, 
        the Secretary of the Treasury should prioritize payments to 
        bondholders, so as to avoid defaulting on any maturing debt; 
        and
            (3) future increases in the statutory debt limit should be 
        tied to or contingent upon agreements to cut or control 
        spending.
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