Increasing the statutory limit on the public debt.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, 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 “$2,800,000,000,000”.
Joint Explanatory Statement (BBEDCRA 1987)
The Joint Explanatory Statement of the Managers of Conference on the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987 included this description:
I. Increase in Public Debt Limit
The permanent limit on the public debt is $2,111 billion. This limitation was enacted on August 21, 1986 (Public Law 99-384). A temporary limit of $2,352 billion is in effect through September 23, 1987, under Public Law 100-84, enacted on August 10, 1987.
House Joint Resolution
H.J. Res. 324, as passed by the House, provides for an increase of the permanent public debt limit to $2,565.1 billion. This debt limit level is the amount approved by the Congress in the conference report on the budget resolution for fiscal year 1988 (H. Con. Res. 93) and is estimated to be the appropriate level through September 30, 1988.
Senate Amendment numbered 1 strikes out the House language and substitutes a temporary increase in the public debt limit to $2,800 billion for the period ending on May 1, 1989. The limit reverts to $2,111 billion on May 2, 1989.
The conference agreement increases the permanent public debt limit to $2,800 billion.
U.S. House of Representatives, Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987: Conference Report to Accompany H. J. Res. 324, House Ways and Means Committee (H. Rept. 100-313) September 21, 1987.