A bill to provide for a temporary increase in the public debt limit, and to amend the Rules of the House of Representatives to make possible the establishment of the public debt limit in the future as a part of the congressional budget process.

(Measure passed House, amended, roll call #511 (219-198))

=Title I: Temporary Increase in Public Debt Limit; Exception to Interest Rate Ceiling on Bonds= - Amends the Second Liberty Bond Act to temporarily increase the public debt limit by $479,000,000,000 until May 31, 1980.

Increases the face amount of bonds with interest rates exceeding four and one-half percent which may be outstanding at any time to $50,000,000,000.

=Title II: Establishment of Public Debt Limit as Part of Congressional Budget Process= - Amends the Rules of the House of Representatives to require the enrolling clerk of the House to prepare an engrossment of a joint resolution establishing the statutory limit on the public debt consistent with the level set forth in each concurrent resolution on the budget adopted by the Congress pursuant to the Congressional Budget Act of 1974. Declares that such joint resolution shall be deemed adopted by the House by the same vote that agreed to the concurrent resolution on the budget and shall be transmitted to the Senate for further legislative action.

Requires each report accompanying any concurrent resolution on the budget to contain a clear statement of its effect on the statutory limit on the public debt.

States that the Rule established by this Act shall not affect the power of the House to amend the public debt limit by existing procedures.

Declares that any amendment to the level of the public debt set forth in a concurrent resolution on the budget shall be deemed out of order in the House or the Committee of the Whole, except those amendments necessary to achieve mathematical consistency.

States that these amendments shall take effect beginning in fiscal year 1981.