Posted on 10/31/2013 6:17:29 PM PDT by ransomnote
SNIP And there it was, the bill by Florida Congressman Alcee Hastings (who happens to be one of only eight federal officials in the US history to be impeached and removed from office - he was a Judge on the United States District Court for the Southern District of Florida).
From Govtrack.us:
HR 3293 IH 113th CONGRESS 1st Session H. R. 3293 To reform the public debt limit. IN THE HOUSE OF REPRESENTATIVES October 15, 2013 Mr. HASTINGS of Florida introduced the following bill; which was referred to the Committee on Ways and Means A BILL To reform the public debt limit.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘Debt Limit Reform Act’.
SEC. 2. REFORM OF THE PUBLIC DEBT LIMIT.
(a) Authority of President To Increase Public Debt Limit- Section 3101 of title 31, United States Code, is amended by adding at the end the following new subsection:
‘(d) The dollar amount in effect under subsection (b) shall be increased at such times and in such amounts as the President of the United States, or his designee, may provide.’.
(b) Government-Held Debt Not Taken Into Account for Purposes of the Public Debt Limit- Section 3101 of title 31, United States Code, as amended by subsection (a) is amended by adding at the end the following new subsection:
‘(e) Obligations held by the United States Government (including any obligation which is classified as an intragovernmental holding by the Secretary of the Treasury or which is held by any agency or instrumentality of the United States) shall not be taken into account for purposes of applying the limitation imposed under subsection (b).’.
(Excerpt) Read more at ex-skf.blogspot.com ...
I thought it was a joke when I saw the headline at Zero Hedge, so I followed the link in the article. "
Duh, remember this comes from the same noodle heads that think they can legislate the laws of nature.
Kind of reminds me of my brother’s friend, a 23 year old women, who became irate when the bank canceled her checking account. She didn’t understand why they did that - all she did was write herself a check from her own checkbook and deposit it into her account to bring her balance up......
For real??
Remember when they opened the SS lockbox and took out all the money and put in IOUs .... that intragovernmental debt is what they don’t want to count.
Yes. My brother couldn’t get her to understand the problem therein....it was her account and SHE STILL HAD CHECKS.....
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