H.R.1954 -- To implement the President's request to increase the statutory limit on the public debt TEXT FULL PDF

H.R.1954 -- To implement the President's request to increase the statutory limit on the public debt.

Floor Situation: On Tuesday, May 31, 2011, the House is scheduled to consider H.R. 1954, a bill to implement the President's request to increase the statutory limit on the public debt, under a suspension of the rules, requiring a two-thirds Majority vote. H.R. 1954 was introduced by Rep. Dave Camp (R-MI) on May 24, 2011, and was referred to the Committee on Ways and Means, which took no official action.

H.R.1954 -- To implement the President's request to increase the statutory limit on the public debt FULL TEXT in PDF FORMAT

Bill Summary & Status 112th Congress (2011 - 2012) H.R.1954

IN THE HOUSE OF REPRESENTATIVES MAY 24, 2011 Mr. CAMP introduced the following bill; which was referred to the Committee on Ways and Means.

A BILL To implement the President’s request to increase the
statutory limit on the public debt.

1 Be it enacted by the Senate and House of Representa
2 tives of the United States of America in Congress assembled,
3 SECTION 1. FINDING.
4 The Congress finds that the President’s budget pro
5 posal, Budget of the United States Government, Fiscal
6 Year 2012, necessitates an increase in the statutory debt
7 limit of $2,406,000,000,000.

2

1 SEC. 2. INCREASE IN STATUTORY LIMIT ON THE PUBLIC
2 DEBT.
3 Subsection (b) of section 3101 of title 31, United
4 States Code, is amended by striking out the dollar limita
5 tion contained in such subsection and inserting in lieu
6 thereof ‘‘$16,700,000,000,000’’.

•HR 1954 IH

Background from Chairman Dave Camp:

Camp: No Debt Limit Increase Without Spending Cuts. Introduction of “Clean” Debt Limit Legislation Sets Up Test Vote in House to Prove Reforms Must be Part of Any Deal to Raise the Debt Limit.

Dave Camp Ways and Means Chairman

Tuesday, May 24, 2011 Washington, D.C. - Today, Ways and Means Chairman Dave Camp (R-MI) introduced the necessary legislation that allows the U.S. House of Representatives to reject a so-called clean increase in the nation's debt limit. The legislation, which Chairman Camp strongly opposes and is expected to be voted on as early as next week, would increase the debt limit by $2.4 trillion - the amount necessary under the President's budget to get through the end of 2012.

Chairman Camp, whose committee has jurisdiction over the debt limit, issued the following statement:

“Let me be clear: I do not support and will not vote for a debt limit increase that does not contain significant spending cuts and budgetary reforms. Our current path is unsustainable and unacceptable. We must force Washington to live within its means, and any deal on the debt limit should include real reforms including entitlement programs like Medicare.

“The President's budget calls for a $2.4 trillion increase in the debt limit through the end of next year. The legislation I filed today will allow the House to reject a clean increase in the debt limit proving to the American people, the financial markets and the Administration that we are serious about tackling our debt and deficit problems.

“Increasing the debt limit without showing that we can achieve real spending restraint would likely lead to very similar results as default: a lower credit rating, higher borrowing costs and more expensive imports. Such irresponsibility would most certainly increase the cost of oil and gas, making the pain at the pump that much worse. All of that is bad for the economy, bad for job creation and bad for American families.

“The ‘borrow now and pay later’ attitude that has prevailed for too long in Washington is threatening the American Dream. We simply aren't going to continue on that same reckless path any longer.”

Floor Situation TEXT CREDIT: GOP.gov - The Website of the Republican Majority in Congress

Chairman Camp statement TEXT and IMAGE CREDIT: House Committee on Ways & Means Contact: Jim Billimoria, Michelle Dimarob, or Sarah Swinehart (202) 226-4774 Main Office: Ways and Means Committee Office 1102 Longworth House Office Building Washington D.C. 20515 P: 202-225-3625 F: 202-225-2610

Press Office: Ways and Means Press Office 1101 Longworth House Office Building Washington, D.C. 20515 P: 202-226-4774 F: 202-225-2610