DIVISION C—BUDGETARY AND OTHER MATTERS
Title III —Temporary Extension of Public Debt Limit
Sec. 30301. Temporary extension of public debt limit.
(a) In General.—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 [February 9, 2018] and ending on March 1, 2019.
(b) Special Rule Relating To Obligations Issued During Extension Period.—Effective on March 2, 2019, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
(1) the face amount of obligations issued under chapter 31 of such title 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) outstanding on March 2, 2019, exceeds
(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
(c) Restoring Congressional Authority Over the National Debt.—
(1) Extension limited to necessary obligations.—An obligation shall not be taken into account under subsection (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 2, 2019.
(2) Prohibition on creation of cash reserve during extension period.—The Secretary of the Treasury shall not issue obligations during the period specified in subsection (a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.
Bipartisan Budget Act of 2018, Pub. L. 115-123; 132 Stat. 64; February 9, 2018; H.R. 1892 (115th Congress)
[BCR § 296c]