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 “$1,847,800,000,000, or $2,078,700,000,000 on and after October 1,1985,”.
 See 31 U.S.C. 3101: “Subsection (b). Pub. L. 99–177 substituted ‘$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985’ for ‘$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984’.”
Joint Explanatory Statement of Managers
The conference report on H. J. Res. 372 included the following text on this section of the Balanced Budget and Emergency Deficit Control Act of 1985:
1. PUBLIC DEBT LIMIT INCREASE
H.J. Res. 372, as originally passed by the House, provided for an increase of the permanent public debt limit to $2,078.7 billion. This debt limit level is the amount approved by the Congress in the conference report on the budget resolution for fiscal year 1986 (S. Con. Res. 32). The Senate agreed to the House language when it initially passed H.J. Res. 372. Thus, this provision was not in conference.
Directs the Committee on Ways and Means to report an alternative corporate minimum tax prior to October 1, 1986.
Directs the Senate Finance Committee and the House Ways and Means Committee to report, no later than April 15, 1986, an alternative corporate minimum tax to be effective not later than July 1, 1986, with revenues raised by such tax to be used to reduce the deficit.
The Senate recedes from its amendment and concurs in the House amendment.
[Balanced Budget and Emergency Deficit Control Act of 1985, H. Rpt. 99-433 (99th Congress) Dec. 12, 1985.]
LEGISLATIVE HISTORY NOTES
Pub. L. 99–177, title II, Resolving clause, Dec. 12, 1985, 99 Stat. 1092 (Balanced Budget and Emergency Deficit Control Act of 1985). The resolving clause enacted an increase in the statutory public debt limit.
Summary of Legislative Actions
House Joint Resolution 372
August 8, 1985 Passed/agreed to in House: BBEDCA in general began with just the resolving clause increasing the statutory debt limit. It was introduced, engrossed, and deemed past by operation of then Rule XXVII, commonly known as the “Gephardt Rule” (since repealed). This resolving clause served as the initial joint resolution, and was amended by adding the budget process reform legislation later to be named the Balanced Budget and Emergency Deficit Control Act of 1985.
September 26, 1985: The Committee on Finance reported the Joint Resolution without amendment. (Senate Report 99-144)
October through December: Conferences Held.
December 10, 1985: Conference Report 99-433 filed in House.
December 11, 1985: Conference report agreed to in House by Yea-Nay Vote: 271 – 154 (Record Vote No: 454).
December 11, 1985: Conference report agreed to in Senate by Yea-Nay Vote. 61-31. Record Vote No: 371.
December 11, 1985: Presented to President.
December 12, 1985: Signed by President.
December 12, 1985: Became Public Law No: 99-177.