PUBLIC LAW 96-78—SEPT. 29, 1979
93 STAT. 589
Public Law 96-78 96th Congress An Act To provide for a temporary increase in the public debt limit, and to amend the Rules of the House of Representatives to make possible the establishment of the public debt limit in the future as a part of the congressional budget process.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I—TEMPORARY INCREASE IN PUBLIC DEBT LIMIT; EXCEPTION TO INTEREST RATE CEILING ON BONDS SEC. lOL (a) During the period beginning on the date of the enactment of this Act and ending on May 31, 1980, the public debt limit set forth in the first sentence of section 21 of the Second Liberty Bond Act (31 U.S.C. 757b) shall be temporarily increased by $479,000,000,000. (b) Effective on the date of the enactment of this Act, the first section of the Act of April 2, 1979, entitled "An Act to provide for a temporary increase in the public debt limit, and for other purposes" (Public Law 96-5), is hereby repealed. SEC. 102. The last sentence of the second paragraph of the first section of the Second Liberty Bond Act (31 U.S.C. 752) is amended by striking out "$40,000,000,000" and inserting in lieu thereof "$50,000,000,000".
Sept. 29, 1979 [H.R. 5369]
Public debt limit, temporary increase; establishment as part of congressional budget process. 31 USC 757b note.
Repeal.
Ante, p. 8.
TITLE II—ESTABLISHMENT OF PUBLIC DEBT LIMIT AS PART OF CONGRESSIONAL BUDGET PROCESS SEC. 201. (a) The Rules of the House of Representatives are amended by adding at the end thereof the following new rule: "RULE X L IX ESTABLISHMENT OF STATUTORY LIMIT ON THE PUBLIC DEBT
" 1. Upon the adoption by the Congress (under section 301, 304, or 310 of the Congressional Budget Act of 1974) of any concurrent resolution on the budget setting forth as the appropriate level of the public debt for the period to which such concurrent resolution relates an amount which is different from the amount of the statutory limit on the public debt that would otherwise be in effect for such period, the enrolling clerk of the House of Representatives shall prepare an engrossment of a joint resolution, in the form prescribed in clause 2, increasing or decreasing the statutory limit on the public debt by an amount equal to the difference between such limit and such appropriate level. The vote by which the conference report on the concurrent resolution on the budget was agreed to in the House (or by which the concurrent resolution itself was adopted in the House, if there is no conference report) shall be deemed to have been a vote in favor of such joint resolution upon final passage in the House of Representatives. Upon the engrossment of such joint resolution it shall be
31 USC 1322, 1325, 1331.
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