Page:United States Statutes at Large Volume 86.djvu/1366

 1324

PUBLIC LAW 92-599-OCT. 27, 1972

Public Law 92-599 October 27, 1972

[H. R. 16810]

• - ' ^

[86 STAT.

•

A.N ACT

T,) iirovide for a temporary increase in the public debt limit and to place a limitation on expenditures and net lending for the liscal year ending June 30, 1973.

Public debt limit. Temporary in-

"«"«•

Ante, p. 63.

Be it enacted by the Senate and House of Representatives Vnited States of America in Conqress assembled, •'

^

of the

'

TITLE I—TEMPORARY INCREASE IN THE PUBLIC DEBT LIMIT SEC. 101. During the period beginning on November 1, 197*2, and ending on June 30, 1973, the public debt limit set forth in the first seuteuce of section 21 of the Second Liberty Bond Act (31 U.S.C. 7i37b) shall be temporarily increased by $65,000,000,000. TITLE II — L I M I T A T I O N ON EXPENDITURES A N D N E T L E N D I N G FOR F I S C A L 1973 SEC. 201. (a) Expenditures and net lending during the fiscal year ending June 30, 1973, under the budget of the United States Government shall not exceed $250,000,000,000. (b) The provisions of this title shall cease to apply on the day after the date of the enactment of this Act and no action taken befor-e such day under such provisions shall have any force or effect on or after such day. (c) In the administration of any program as to which— (1) the amount of expenditures is limited pursuant to subsection (a), and (2) the allocation, grant, apportionment, or other distribution of funds among recipients is required to be determined by application of a formula involving the amount appropriated or otherwise made available for distribution, the amount available for obligation (as determined by the President) shall be substituted for the amount appropriated or otherwise made available in the application of the formula.

TITLE III—JOINT COMMITTEE TO REVIEW OPERATION OF BUDGET CEILING AND TO RECOMMEND PROCEDURES FOR IMPROVING CONGRESSIONAL CONTROL OVER BUDGETARY OUTLAY AND RECEIPT TOTALS Establishment; ggc. 301. (a) There is hereby established a joint committee comip. posed of thirty-two members appointed as follows: (1) seven members from the Committee on Ways and Means of the House of Representatives, appointed by the Speaker of i> the House; (2) seven members from the Committee on Appropriations of the House of Representatives, appointed by the Speaker of the House; (3) two additional Members of the House of Representatives, one from the majority party, and one from the minority party, appointed by the Speaker of the House; (4) seven members of the Committee on Finance of the Senate, appointed by the President pro tempore of the Senate;

�