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Week Ending March 17, 2006

H.J.RES.47 Increasing the statutory limit on the public debt.

The Resolution increases the amount of debt Congress can accrue. The current debt limit is $8.184 trillion and this Resolution adds $781 billion raising the limit to $8.965 trillion.

An amendment offered by Senator Max Baucus (D-MT) aimed to force an immediate vote on a study to determine what foreign entities own the debt but failed to pass.

The debt limit increase was agreed to by the House last year when it agreed to HCR 95, part of the congressional budget process. That bill and how House members voted can be found here...HCR95

Sponsor:  No Sponsor.

Vote: Passed Senate 52 to 48 (RV 54). The Baucus amendment failed 44 to 55 (RV 53). March 16, 2006.

Cost to the taxpayers: $8,965,000,000,000. Adds $781 billion to the current debt limit.

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MORE INFORMATION

JOINT RESOLUTION

Increasing the statutory limit on the public debt.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That 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 $8,965,000,000,000.

Passed the House of Representatives April 28, 2005.

Attest:

JEFF TRANDAHL,

Clerk.

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No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.