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End of Debt Ceiling: Ensuring Government Financial Stability

This bill aims to remove the United States government's debt limit. This means the government will no longer need Congressional approval to borrow money to cover its expenses. The change is intended to prevent future crises related to potential government default, which could impact economic stability and the value of citizens' savings.
Key points
The act repeals the existing government debt ceiling, eliminating the risk of a "default" on obligations.
The change aims to ensure government financial liquidity and avoid negative economic consequences, such as rising interest rates or a decline in the dollar's value.
Citizens may experience greater economic stability as the risk of debt limit-related crises will be eliminated.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_1785
Sponsor: Sen. Schatz, Brian [D-HI]
Process start date: 2021-05-20
Lustra uses Artificial Intelligence. Verify details in source documents.
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_S_1785.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-05-20.

What are the main provisions?

Key points include:

  • The act repeals the existing government debt ceiling, eliminating the risk of a "default" on obligations.
  • The change aims to ensure government financial liquidity and avoid negative economic consequences, such as rising interest rates or a decline in the dollar's value.
  • Citizens may experience greater economic stability as the risk of debt limit-related crises will be eliminated.
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 Sen. Schatz, Brian [D-HI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

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