S.540 - Temporary Debt Limit Extension Act113th Congress (2013-2014)

Summary: S.540 — 113th Congress (2013-2014)All Information (Except Text)

Shown Here:
Public Law No: 113-83 (02/15/2014)

(This measure has not been amended since it was passed by the House on February 11, 2014. The summary of that version is repeated here.)

Temporary Debt Limit Extension Act - Suspends the public debt limit for the period beginning on the date of enactment of this Act and ending on March 15, 2015.

Increases the debt limit, effective March 16, 2015, to the extent that:

1. the face amount of such obligations outstanding on the date of enactment of this Act is exceeded by
2. the total of the face amount of public debt obligations and the face amount of obligations whose principal and interest are guaranteed by the U.S. government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on March 16, 2015.

Excludes an obligation under clause 2 (above) from being taken into account unless its issuance was necessary to fund a commitment incurred pursuant to law that required payment before March 16, 2015.

Prohibits the Secretary of the Treasury from issuing obligations during the period beginning on the date of enactment of this Act and ending on March 15, 2015, for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.