Section 1 Short title
This Act may be cited as the “Debt Limit Reform Act”.
Debt Limit Reform Act
A BILL
To reform the public debt limit.
Sec. 2 Reform of the public debt limit
Authority of President To increase public debt limit— Section 3101 of title 31, United States Code, is amended by adding at the end the following new subsection:
“(d) The dollar amount in effect under subsection (b) shall be increased at such times and in such amounts as the President of the United States, or his designee, may provide.”
Government-Held debt not taken into account for purposes of the public debt limit— Section 3101 of title 31, United States Code, as amended by subsection (a) is amended by adding at the end the following new subsection:
“(e) Obligations held by the United States Government (including any obligation which is classified as an intragovernmental holding by the Secretary of the Treasury or which is held by any agency or instrumentality of the United States) shall not be taken into account for purposes of applying the limitation imposed under subsection (b).”