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Temporary Suspension of US Debt Limit Through 2024.

This bill suspends the public debt limit (under Title 31 of the United States Code) from the date of enactment through December 31, 2024. Effective January 1, 2025, the debt limit will be increased to accommodate obligations issued during the suspension period. This increase applies only to obligations necessary to fund commitments incurred pursuant to law that required payment before January 1, 2025.
Key points
The public debt limit is suspended through December 31, 2024.
Effective January 1, 2025, the debt limit is increased by the amount of obligations outstanding from the suspension period.
The limit increase is restricted to obligations necessary to fund commitments requiring payment before January 1, 2025.
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Additional Information
Print number: 118_S_1395
Sponsor: Sen. Schumer, Charles E. [D-NY]
Process start date: 2023-05-02
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OFFICIAL LEGAL TITLE

A bill to temporarily suspend the debt limit through December 31, 2024.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1395.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-02.

What are the main provisions?

Key points include:

  • The public debt limit is suspended through December 31, 2024.
  • Effective January 1, 2025, the debt limit is increased by the amount of obligations outstanding from the suspension period.
  • The limit increase is restricted to obligations necessary to fund commitments requiring payment before January 1, 2025.
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. Schumer, Charles E. [D-NY].

What is the latest detailed status?

The latest detailed status is: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 40.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Public Finance