To amend title 31, United States Code, to eliminate the statutory cap on the public debt and to place limitations on the purposes for which public debt may be issued.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Full Faith and Credit Act of 2013''.
SEC. 2. LIMITATION ON OBLIGATIONS.
(a) In General.--Section 3101 of title 31, United States Code, is amended to read as follows: ``Sec. 3101. Limitation on obligations ``Obligations may only be issued under this chapter to fund commitments incurred by the Federal Government that require current funding.''. (b) Conforming Amendments.-- (1) Section 3130(e)(2) of title 31, United States Code, is amended by inserting ``, as in effect on the day before the date of the enactment of the Full Faith and Credit Act of 2011'' before the period at the end. (2) The table of contents for chapter 31 of title 31, United States Code, is amended by amending the item relating to section 3101 to read as follows:
``3101. Limitation on obligations.''. <all>