Section 1 Short title
This Act may be cited as the “Responsibly Paying Our Nation’s Bills Act”.
Responsibly Paying Our Nation’s Bills Act
A BILL
To responsibly pay our Nation’s bills on time by temporarily extending the public debt limit, and for other purposes.
Sec. 2 Temporary extension of public debt limit
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 January 1, 2017.
Special rule relating to obligations issued during extension period— Effective January 1, 2017, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
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, 2017, exceeds
the face amount of such obligations outstanding on the date of the enactment of this Act.