Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
So, what exactly is section 3101 of title 31 in the United States Code? This can be found here
TITLE 31--MONEY AND FINANCE
SUBTITLE III--FINANCIAL MANAGEMENT
CHAPTER 31--PUBLIC DEBT
SUBCHAPTER I--BORROWING AUTHORITY
Sec. 3101. Public debt limit
(a) In this section, the current redemption value of an obligation
issued on a discount basis and redeemable before maturity at the option
of its holder is deemed to be the face amount of the obligation.
(b) The face amount of obligations issued under this chapter and the
face amount of obligations whose principal and interest are guaranteed
by the United States Government (except guaranteed obligations held by
the Secretary of the Treasury) may not be more than $8,184,000,000,000,
outstanding at one time, subject to changes periodically made in that
amount as provided by law through the congressional budget process
described in Rule XLIX \1\ of the Rules of the House of Representatives
or otherwise.
So it appears that we are increasing the amount of debt we are allowed to take on from $8.184 Trillion to
$11.315 Trillion. That is an increase of $3.131 Trillion not the $700 Billion everyone was talking about!
Even more frightening is section 8, which speaks for itself
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Folks we just got robbed. By the way have you checked out how well wall street
reacted to this being passed? The Dow Jones Industrial average is now plummeting
below Mondays crash. Just in time for the weekend for everybody to mull over their
finances and realize they want out of the market. Watch for the coming collapse.
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