United States Code

31 U.S.C. § 3101

Public debt limit

Statute Watch

Get an alert when any bill in Congress would change this law — and every time it moves.

Bills that would change it 16

HR 415 End the Threat of Default Act Repeals · introduced · 118th Congress
HR 875 Protecting Social Security and Medicare Act Amends · introduced · 118th Congress
HR 3953 Debt Ceiling Reform Act Amends · introduced · 118th Congress
S 1882 Debt Ceiling Reform Act Amends · introduced · 118th Congress
HR 3157 Protecting American Benefits Act Amends · introduced · 118th Congress
S 1190 End the Threat of Default Act Repeals · introduced · 118th Congress
S 213 Keep Our Promises Act Amends · introduced · 118th Congress
HR 6724 Debt Ceiling Reform Act Amends · introduced · 117th Congress
S 3654 Debt Ceiling Reform Act Amends · introduced · 117th Congress
S 1785 End the Threat of Default Act Repeals · introduced · 117th Congress
HR 3305 End the Threat of Default Act Repeals · introduced · 117th Congress
S 1553 End the Threat of Default Act Repeals · introduced · 116th Congress
HR 2870 End the Threat of Default Act Repeals · introduced · 116th Congress
S 1846 End the Threat of Default Act Repeals · introduced · 115th Congress
HRES 512 Amending the Rules of the House of Representatives to reinstate the "Gephardt rule". Amends · introduced · 115th Congress
HR 1 American Recovery and Reinvestment Act of 2009 Amends · enacted · 111th Congress

The law today

From the official United States Code, current through Public Law 119-121.

(a) In this section, the current redemption value of an obligation issued on a discount basis and redeemable before maturity at the option of its holder is deemed to be the face amount of the obligation. (b) The face amount of obligations issued under this chapter 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) may not be more than $14,294,000,000,000, outstanding at one time, subject to changes periodically made in that amount as provided by law through the congressional budget process described in Rule XLIX 1 of the Rules of the House of Representatives or as provided by section 3101A or otherwise. (c) For purposes of this section, the face amount, for any month, of any obligation issued on a discount basis that is not redeemable before maturity at the option of the holder of the obligation is an amount equal to the sum of— (1) the original issue price of the obligation, plus (2) the portion of the discount on the obligation attributable to periods before the beginning of such month (as determined under the principles of section 1272(a) of the Internal Revenue Code of 1986 without regard to any exceptions contained in paragraph (2) of such section).

Official text at uscode.house.gov ↗