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End of Public Debt Limit: Ensuring Financial Stability

This bill aims to remove the United States government's debt ceiling. This means the government will no longer need Congressional approval to borrow money, preventing the risk of default and ensuring the nation's financial stability. For citizens, this means less risk of economic turmoil related to debt limit debates.
Key points
The act repeals the existing U.S. government debt limit, eliminating the need for votes to raise it.
The change aims to prevent situations where the government might be unable to meet its financial obligations, which could have negative economic consequences.
Transitional provisions ensure that citizens' retirement and savings funds are protected if the debt limit was still active when the act came into effect.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_3305
Sponsor: Rep. Foster, Bill [D-IL-11]
Process start date: 2021-05-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

End the Threat of Default Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3305.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-18.

What are the main provisions?

Key points include:

  • The act repeals the existing U.S. government debt limit, eliminating the need for votes to raise it.
  • The change aims to prevent situations where the government might be unable to meet its financial obligations, which could have negative economic consequences.
  • Transitional provisions ensure that citizens' retirement and savings funds are protected if the debt limit was still active when the act came into effect.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Foster, Bill [D-IL-11].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Public Investments