CARD DANSION O PROVIDE, FOR THE PERIOD BEGINNING ENDING ON JUNE 30, 1967, A TEMPORARY INCREASI JUNE 13, 1966 Printed for the use of the Committee on Finance 777 US. GOVERNMENT PRINTING OFFICE WASHINGTON: 1966 ,000-Spends Quiet Day,' New York Times, December tion from the President of the United States transmitting roposed legislation to revise the Federal election laws, and poses_-_ by Hon. George H. Mahon, a Representative in the U.S. C n the State of Texas, chairman, Joint Committee on Red onessential Federal Expenditures, in re monthly report ersonnel and pay for April 1966–– II PUBLIC DEBT LIMIT MONDAY, JUNE 13, 1966 U.S. SENATE, COMMITTEE ON FINANCE, Washington, D.C. The committee met, pursuant to recess, at 10 a.m., in room 2221, New Senate Office Building, Senator Russell B. Long (chairman) presiding. Present: Senators Long, Smathers, Anderson, McCarthy, Hartke, Williams, Carlson, and Curtis. Also present: Tom Vail, chief counsel. The CHAIRMAN. I want to call this meeting to order. This hearing was called for the purpose of hearing the Secretary of the Treasury on the question of the public debt limit. At this point, a copy of H.R. 15202, which passed the House of Representatives last week by a vote of 199 to 165, will be made a part of the record. (H.R. 15202 follows:) [H.R. 15202, 89th Cong., 2d sess.] AN ACT To provide, for the period beginning on July 1, 1966, and ending on June 30, 1967, a temporary increase in the public debt limit set forth in section 21 of the Second Liberty Bond Act 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 July 1, 1966, and ending on June 30, 1967, the public debt limit set forth in the first sentence of section 21 of the Second Liberty Bond Act, as amended (31 U.S.C. 757b), shall be temporarily increased to $330,000,000,000. Passed the House of Representatives June 8, 1966. Attest: RALPH R. ROBERTS, Clerk. The CHAIRMAN. This bill increases the temporary debt ceiling for fiscal 1967 by $2 billion, from $328 billion to $330 billion. Also without objection there will be included in the record a chart showing the development of public debt limit legislation since the second Liberty Bond Act passed in 1917. (The public debt limit chart follows:) Debt limitation under sec. 21 of the Second Liberty Bond Act, as amendedHistory of legislation Sept. 24, 1917: 40 Stat. 288, sec. 1, authorized bonds in the amount of___ 40 Stat. 290, sec. 5, authorized certificates of indebtedness outstanding revolving authority-. Apr. 4, 1918: 40 Stat. 502, amending sec. 1, increased bond authority to____. 40 Stat. 504, amending sec. 5, increased authority for certificates outstanding to.. See footnotes at end of table. |