,,ii  #aahth ,,congress  #ast ,session  
,s4 #bafh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #bb1     
#bjbc ,mr4 ,braun introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to rescind discretionary    
appropriations in the event of a debt   
ceiling crisis period and to honor the  
full faith and credit of the debts of   
the ,united ,states in the event of a   
debt ceiling crisis4  #a4 ,short title  
,this ,act may be cited as the ,no      
,default ,act4  #b4 ,rescission of      
discretionary spending and honoring     
debts during a debt ceiling crisis  7a7 
,definitions ,in this section3  7#a7    
,current fiscal year ,the term current  
fiscal year means the fiscal year during
 which the applicable rescission of     
discretionary appropriations under      
subsection 7b7 occurs4  7#b7 ,debt      
ceiling crisis period ,the term debt    
ceiling crisis period means a period--  
7,a7 beginning on the date on which1 but

 for subsection 7c71 the ,secretary of  
the ,treasury would not be able to issue
 obligations under chapter #ca of title 
#ca1 ,united ,states ,code1 or other    
obligations whose principal and interest
 are guaranteed by the ,united ,states  
,government1 because of the limit on the
 face amount of such obligations that   
may be outstanding at one time under    
section #caja7;b7 of title #ca1 ,united 
,states ,code2 and  7,b7 ending on the  
date on which the first measure         
suspending or increasing the limit under
 section #caja7;b7 of title #ca1 ,united
 ,states ,code1 is enacted into law     
after the date described in subparagraph
 7,a74  7#c7 ,discretionary             
appropriations ,the term discretionary  
appropriations has the meaning given    
such term in section #bej7;c7 of the    
,balanced ,budget and ,emergency        
,deficit ,control ,act of #aihe 7#b     
,u4,s4,c4 #ijj7;c774  7b7 ,rescission of
 discretionary spending ,for each       
discretionary appropriations account1   

effective on the first day of a debt    
ceiling crisis period1 and every #cj    
days thereafter until the end of the    
debt ceiling crisis period1 #a percent  
of the amount provided for the          
discretionary appropriations account    
under the appropriation ,act for the    
current fiscal year is permanently      
rescinded4  7c7 ,temporary suspension of
 debt ceiling  7#a7 ,in general ,section
 #caja7;b7 of title #ca1 ,united ,states
 ,code1 shall not apply for the period--
 7,a7 beginning on the first day of a   
debt ceiling crisis period2 and  7,b7   
ending on the last day of the debt      
ceiling crisis period4  7#b7 ,special   
rule relating to obligations issued     
during extension period ,effective on   
the last day of a debt ceiling crisis   
period1 the limitation in effect under  
section #caja7;b7 of title #ca1 ,united 
,states ,code1 shall be increased to the
 extent that--  7,a7 the face amount of 
obligations issued under chapter #ca of 
such title and the face amount of       

obligations whose principal and interest
 are guaranteed by the ,united ,states  
,government 7except guaranteed          
obligations held by the ,secretary of   
the ,treasury7 outstanding on the first 
day of the debt ceiling crisis period2  
exceeds  7,b7 the face amount of such   
obligations outstanding on the last day 
of the debt ceiling crisis period4  7#c7
 ,extension limited to necessary        
obligations ,an obligation shall not be 
taken into account under paragraph      
7#b77;,a7 unless the issuance of such   
obligation was necessary to fund a      
commitment incurred pursuant to law by  
the ,federal ,government that required  
payment on or before the last day of the
 applicable debt ceiling crisis period4 
7d7 ,reports  7#a7 ,in general ,not     
later than #cj days after the first day 
of a debt ceiling crisis period1 and    
every #cj days thereafter until the date
 that is #cj days after the end of the  
debt ceiling crisis period1 the         
,director of the ,office of ,management 

and ,budget shall submit to ,congress a 
report detailing the rescission of      
discretionary appropriations under      
subsection 7b7 with respect to the debt 
ceiling crisis period4  7#b7 ,review by 
,,gao ,not later than #ij days after the
 date on which the ,director of the     
,office of ,management and ,budget      
submits each report under paragraph     
7#a71 the ,comptroller ,general of the  
,united ,states shall submit to         
,congress a report evaluating the       
description of the rescission of        
discretionary appropriations in the     
report by the ,director of the ,office  
of ,management and ,budget4