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U.S. Code as of:
01/19/04
Section 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 $7,384,000,000,000, 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.
(c) For purposes of this section, the face amount, for any month,
of any obligation issued on a discount basis that is not redeemable
before maturity at the option of the holder of the obligation is an
amount equal to the sum of -
(1) the original issue price of the obligation, plus
(2) the portion of the discount on the obligation attributable
to periods before the beginning of such month (as determined
under the principles of section 1272(a) of the Internal Revenue
Code of 1986 without regard to any exceptions contained in
paragraph (2) of such section).
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