Rules of The House of Representatives of The United States
RULE XXVII: STATUTORY LIMIT ON PUBLIC DEBT
1. Upon adoption by Congress of a
concurrent resolution on the budget
under section 301 or 304 of the Congressional
Budget Act of 1974 that sets
forth, as the appropriate level of the
public debt for the period to which the
concurrent resolution relates, an
amount that is different from the
amount of the statutory limit on the
public debt that otherwise would be in
effect for that period, the Clerk shall
prepare an engrossment of a joint resolution
increasing or decreasing, as the
case may be, the statutory limit on the
public debt in the form prescribed in
clause 2. Upon engrossment of the joint
resolution, the vote by which the concurrent
resolution on the budget was
finally agreed to in the House shall
also be considered as a vote on passage
of the joint resolution in the House,
and the joint resolution shall be considered
as passed by the House and
duly certified and examined. The engrossed
copy shall be signed by the
Clerk and transmitted to the Senate
for further legislative action.
2. The matter after the resolving
clause in a joint resolution described in
clause 1 shall be as follows: ''That subsection
(b) of section 3101 of title 31,
United States Code, is amended by
striking out the dollar limitation contained
in such subsection and inserting
in lieu thereof '$_________'.'', with the
blank being filled with a dollar limitation
equal to the appropriate level of
the public debt set forth pursuant to
section 301(a)(5) of the Congressional
Budget Act of 1974 in the relevant concurrent
resolution described in clause
1. If an adopted concurrent resolution
under clause 1 sets forth different appropriate
levels of the public debt for
separate periods, only one engrossed
joint resolution shall be prepared under
clause 1; and the blank referred to in
the preceding sentence shall be filled
with the limitation that is to apply for
each period.
3. (a) The report of the Committee on
the Budget on a concurrent resolution
described in clause 1 and the joint explanatory
statement of the managers
on a conference report to accompany
such a concurrent resolution each shall
contain a clear statement of the effect
the eventual enactment of a joint resolution
engrossed under this rule would
have on the statutory limit on the public
debt.
(b) It shall not be in order for the
House to consider a concurrent resolution
described in clause 1, or a conference
report thereon, unless the report
of the Committee on the Budget
or the joint explanatory statement of
the managers complies with paragraph
(a).
4. Nothing in this rule shall be construed
as limiting or otherwise affecting-
(a) the power of the House or the
Senate to consider and pass bills or
joint resolutions, without regard to
the procedures under clause 1, that
would change the statutory limit on
the public debt; or
(b) the rights of Members, Delegates,
the Resident Commissioner, or
committees with respect to the introduction,
consideration, and reporting
of such bills or joint resolutions.
5. In this rule the term ''statutory
limit on the public debt'' means the
maximum face amount of obligations
issued under authority of chapter 31 of
title 31, United States Code, and obligations
guaranteed as to principal and
interest by the United States (except
such guaranteed obligations as may be
held by the Secretary of the Treasury),
as determined under section 3101(b) of
such title after the application of section
3101(a) of such title, that may be
outstanding at any one time.
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Rule XXVII Rule XXVIII