January 23, 2013
As introduced on January 21, 2013
H.R. 325 would temporarily suspend the limitation on borrowing by the Treasury through May 18, 2013. On the following day, the current debt limit of $16.394 trillion would be raised by the amount of borrowing above that level during the period in which the limitation was suspended.
The bill also would provide an incentive for action on a concurrent resolution on the budget. If a version of such a resolution has not been passed by a House of the Congress by April 15, 2013, the salaries of Members of that chamber would be put in an escrow account. The escrow account for a given House would remain in place until a concurrent resolution on the budget was passed for fiscal year 2014 by that chamber, or until the last day of the 113th Congress, whichever was earlier.
CBO estimates that enacting H.R. 325, by itself, would not have a significant impact on the federal budget. Enacting H.R. 325 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
H.R. 325 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.