Page:United States Statutes at Large Volume 93.djvu/40

 93 STAT. 8

PUBLIC LAW 96-5—APR. 2, 1979 Public Law 96-5 96th Congress An Act

Apr. 2, 1979 [H.R. 2534]

Public debt limit. Temporary increase. 31 USC 757b note. Repeal; effective date. 31 USC 757b note.

United States savings bonds, rate increase, limitation.

Report. 31 USC 1322 note.

Presidential alternate proposals to Congress. 31 USC 11 note. 31 USC 11.

To provide for a temporary increase in the public debt limit, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That, during the period beginning on the date of the enactment of this Act and ending on September 30, 1979, the public debt limit set forth in the first sentence of section 21 of the Second Liberty Bond Act (31 U.S.C. 757b) shall be temporarily increased by $430,000,000,000. SEC. 2. Effective on the date of the enactment of this Act, the first section of the Act of August 3, 1978, entitled "An Act to provide for a temporary increase in the public debt limit" (Public Law 95-333), is hereby repealed. SEC. 3. The last sentence of the second paragraph of the first section of the Second Liberty Bond Act (31 U.S.C. 752) is amended by striking out "$32,000,000,000" and inserting in lieu thereof "$40,000,000,000. SEC. 4. With respect to interest accrual periods beginning after the date of the enactment of this Act, paragraph (3) of section 22(b) of the Second Liberty Bond Act (31 U.S.C. 757c) is amended to read as follows: "(3) The Secretary of the Treasury, with the approval of the President, may increase the investment yield on any United States savings bonds above the BVz per centum limitation contained in paragraph (1) so long as such yield does not exceed 7 per centum per annum compounded semiannually.". SEC. 5. Congress shall balance the Federal budget. Pursuant to this mandate, the Budget 0)mmittees shall report, by April 15, 1979, a fiscal year budget for 1981 that shall be in balance, and also a fiscal year budget for 1982 that shall be in balance, and by April 15, 1980, a fiscal year budget for 1981 that shall be in balance, and by April 15, 1981, a fiscal year budget for 1982 that shall be in balance; and the Budget Committees shall show the consequences of each budget on each budget function and on the economy, setting forth the effects on revenues, spending, employment, inflation, and national security. SEC. 6. (a) If a budget which is transmitted by the President to the Congress under section 201 of the Budget and Accounting Act, 1921, would, if adopted, result in a deficit in fiscal year 1981 or in fiscal year 1982, the President shall also transmit alternate budget proposals which, if adopted, would not result in a deficit. (b) Such alternate budget proposals shall be transmitted with the budget and, except as provided in subsection (c), shall be in such detail as the President determines necessary to carry out the purposes of this section.

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