,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bafh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bb1 #bjbc ,mr4  
,braun introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to resc9d          
discretion>y appropriations 9 ! ev5t ( a
 debt ceil+ crisis p]iod & to honor !   
full fai? & cr$it ( ! debts ( ! ,unit$  
,/ates 9 ! ev5t ( a debt ceil+ crisis4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,no ,default ,act4  #b4 ,rescission ( 
discretion>y sp5d+ & honor+ debts dur+ a
 debt ceil+ crisis  7a7 ,def9itions ,9  
?is section3  7#a7 ,curr5t fiscal ye> ,!
 t]m curr5t fiscal ye> means ! fiscal   
ye> dur+ :i* ! applicable rescission (  
discretion>y appropriations "u          
subsection 7b7 occurs4  7#b7 ,debt ceil+
 crisis p]iod ,! t]m debt ceil+ crisis  
p]iod means a p]iod--  7,a7 beg9n+ on ! 
date on :i*1 b = subsection 7c71 !      
,secret>y ( ! ,treasury w\ld n be able  
to issue obligations "u *apt] #ca (     
title #ca1 ,unit$ ,/ates ,code1 or o!r  

obligations ^: pr9cipal & int]e/ are    
gu>ante$ by ! ,unit$ ,/ates ,gov]nm5t1  
because ( ! limit on ! face am\nt ( su* 
obligations t may be out/&+ at "o "t "u 
section #caja7;b7 ( title #ca1 ,unit$   
,/ates ,code2 &  7,b7 end+ on ! date on 
:i* ! fir/ measure susp5d+ or increas+ !
 limit "u section #caja7;b7 ( title #ca1
 ,unit$ ,/ates ,code1 is enact$ into law
 aft] ! date describ$ 9 subp>agraph     
7,a74  7#c7 ,discretion>y appropriations
 ,! t]m discretion>y appropriations has 
! mean+ giv5 su* t]m 9 section #bej7;c7 
( ! ,balanc$ ,budget & ,em]g5cy ,deficit
 ,control ,act ( #aihe 7#b ,u4,s4,c4    
#ijj7;c774  7b7 ,rescission (           
discretion>y sp5d+ ,= ea* discretion>y  
appropriations acc\nt1 effective on !   
fir/ day ( a debt ceil+ crisis p]iod1 & 
e #cj days !reaft] until ! end ( ! debt 
ceil+ crisis p]iod1 #a p]c5t ( ! am\nt  
provid$ = ! discretion>y appropriations 
acc\nt "u ! appropriation ,act = !      
curr5t fiscal ye> is p]man5tly resc9d$4 
7c7 ,tempor>y susp5sion ( debt ceil+    

7#a7 ,9 g5]al ,section #caja7;b7 ( title
 #ca1 ,unit$ ,/ates ,code1 %all n apply 
= ! p]iod-- 7,a7 beg9n+ on ! fir/ day ( 
a debt ceil+ crisis p]iod2 &  7,b7 end+ 
on ! la/ day ( ! debt ceil+ crisis      
p]iod4  7#b7 ,special rule relat+ to    
obligations issu$ dur+ ext5sion p]iod   
,effective on ! la/ day ( a debt ceil+  
crisis p]iod1 ! limitation 9 effect "u  
section #caja7;b7 ( title #ca1 ,unit$   
,/ates ,code1 %all be increas$ to !     
ext5t t--  7,a7 ! face am\nt (          
obligations issu$ "u *apt] #ca ( su*    
title & ! face am\nt ( obligations ^:   
pr9cipal & int]e/ are gu>ante$ by !     
,unit$ ,/ates ,gov]nm5t 7except gu>ante$
 obligations held by ! ,secret>y ( !    
,treasury7 out/&+ on ! fir/ day ( ! debt
 ceil+ crisis p]iod2 exce$s  7,b7 ! face
 am\nt ( su* obligations out/&+ on ! la/
 day ( ! debt ceil+ crisis p]iod4  7#c7 
,ext5sion limit$ to necess>y obligations
 ,an obligation %all n be tak5 into     
acc\nt "u p>agraph 7#b77;,a7 unless !   
issuance ( su* obligation 0 necess>y to 

fund a commitm5t incurr$ pursuant to law
 by ! ,f$]al ,gov]nm5t t requir$ paym5t 
on or be=e ! la/ day ( ! applicable debt
 ceil+ crisis p]iod4  7d7 ,reports  7#a7
 ,9 g5]al ,n lat] ?an #cj days aft] !   
fir/ day ( a debt ceil+ crisis p]iod1 & 
e #cj days !reaft] until ! date t is #cj
 days aft] ! end ( ! debt ceil+ crisis  
p]iod1 ! ,director ( ! ,(fice (         
,managem5t & ,budget %all submit to     
,congress a report detail+ ! rescission 
( discretion>y appropriations "u        
subsection 7b7 ) respect to ! debt ceil+
 crisis p]iod4  7#b7 ,review by ,,gao ,n
 lat] ?an #ij days aft] ! date on :i* ! 
,director ( ! ,(fice ( ,managem5t &     
,budget submits ea* report "u p>agraph  
7#a71 ! ,comptroll] ,g5]al ( ! ,unit$   
,/ates %all submit to ,congress a report
 evaluat+ ! description ( ! rescission (
 discretion>y appropriations 9 ! report 
by ! ,director ( ! ,(fice ( ,managem5t &
 ,budget4