Bipartisan Budget Act of 2015
Title IX—Temporary Extension of Public Debt Limit
SEC. 902. Restoring Congressional Authority Over The National Debt.
(a) Extension Limited To Necessary Obligations 2017.—An obligation shall not be taken into account under section 901(b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before March 16, 2017.
(b) Prohibition on Creation of Cash Reserve During Extension Period.—The Secretary of the Treasury shall not issue obligations during the period specified in section 901(a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.
Committee Print STATEMENT (BBA 2015)
The Bipartisan Budget Act of 2015 (Pub. L. 114-74) did not have any committee report, nor a House Budget Committee print like the Bipartisan Budget Act of 2013 (Pub. L. 113-69). The Counsel for the House Budget Committee did prepare a report, which included this description:
Sec. 902. Restoring Congressional Authority Over the National Debt.
Subsection 902(a) limits the adjustment under section 901(b) by prohibiting an obligation from being taken into account unless its issuance was necessary to fund a commitment incurred by the federal government that required payment before March 16, 2017.
Subsection 902(b) prohibits the Secretary of the Treasury from abusing the suspension of the debt ceiling to build up cash balances above normal operating balances.
Bipartisan Budget Act of 2015: Counsel Report to Accompany H.J. Res. 59, House Committee on the Budget (113th Congress, 2d Session) February 2015.
Pub. L. 114–74, title I, §101(a), title VIII, §815, 129 Stat. 585; Nov. 2, 2015 (Bipartisan Budget Act of 2015).