Debt Limit Reform and Congressional Pay for Performance Act of 2014

[AI summary unavailable — showing source text] Debt Limit Reform and Congressional Pay for Performance Act of 2014 - Suspends the public debt limit for the period beginning on February 8, 2014, and ending on April 15, 2024. Revises the special rule relating to obligations issued during the suspension period to provide for an increase in the debt limit, effective April 16, 2024, to the extent that: (1) the face amount of obligations issued and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on April 16, 2024, exceeds (2) the face amount of such obligations outstanding on the date of enactment of this Act. Prohibits an obligation from being taken into account unless its issuance was necessary to fund a commitment incurred by the federal government that required payment before April 16, 2024. Requires the Director of the Office of Management and Budget (OMB) on December 31 of each of calendar years 2015 through 2023 to determine: the sum of the face amount of obligations issued and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guarantee…