This bill suspends the federal debt limit through June 12, 2023, and requires the debt limit to be increased to accommodate certain obligations issued during the suspension period.
The adjustments to the debt limit for obligations issued during the suspension period are limited to obligations necessary to fund a commitment incurred by the federal government that required payment before June 11, 2023.
The bill also prohibits the Department of the Treasury from issuing obligations during the suspension period for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of the suspension period.