Public Debt
Debt Limit Increase in March 2018
Debt Limit Increase
DIVISION C—BUDGETARY AND OTHER MATTERS
TITLE III —TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT
Section 30301 of the Bipartisan Budget Act of 2018 increased the debt limit by amending section 3101 title 31 of the U.S. Code. The main element of the section is in section 30301(a) and simply turns off the debt limit for just over a year: “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 March 1, 2019.”
The rest of the section allows the debt to increase by whatever amount is necessary to keep the government operating and forbids the Treasury from excess borrowing to build up a reserve above “normal operating balances” to brace for the date when the “extension period” runs out.
This is a cumbersome oddity with the sole identifiable feature of avoiding putting a specific number on the amount of increase in the debt limit. The obviously political nature of the maneuver may have some benefit for those wishing to avoid talking points and campaign ads. As a purely technical drafting matter, it is an example of clever politics bringing on the daft draft.
References
CRS – The Debt Limit: History and Recent Increases (RL31967) November 2, 2015
CRS – The Debt Limit: History and Recent Increases (RL31967) October 15, 2013
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