S. 540 — what changed
Temporary Debt Limit Extension Act
From Referred in House to Enrolled Bill. 1 section amended and 2 added between Referred in House and Enrolled Bill.
Section 1 Short title
added This Act may be cited as the “Temporary Debt Limit Extension Act”.
removed
In general— The air route traffic control center located in Nashua, New Hampshire, and any successor air route traffic control center at that location, shall be known and designated as the “Patricia Clark Boston Air Route Traffic Control Center”.
removed
References— Any reference in a law, map, regulation, document, paper, or other record of the United States to the air route traffic control center referred to in subsection (a) shall be deemed to be a reference to the “Patricia Clark Boston Air Route Traffic Control Center”.
Sec. 2 Temporary extension of public debt limit
added
added
In general— Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act and ending on March 15, 2015.
added
Special rule relating to obligations issued during extension period— Effective March 16, 2015, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
added
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 March 16, 2015, exceeds
added
the face amount of such obligations outstanding on the date of the enactment of this Act.
Sec. 3 Restoring Congressional authority over the national debt
added
added
Extension limited to necessary obligations— An obligation shall not be taken into account under section 2(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 March 16, 2015.
added
Prohibition on creation of cash reserve during extension period— The Secretary of the Treasury shall not issue obligations during the period specified in section 2(a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.