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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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Status:
Expired
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Additional Information
Print number: 118_S_1395
Sponsor: Sen. Schumer, Charles E. [D-NY]
Process start date: 2023-05-02
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Public Finance