US Congress House Bill 1956 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 13 2013 - 25% progression, died in committee
Action: 2013-05-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

War on Debt Act of 2013 - Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "War on Debt Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt. Sets the maturity and redemption date of a War on Debt Bond at 50 years from the date of issue. Requires certain annual principal and interest payments, which shall not be includible in gross income under the Internal Revenue Code. Allows redemption of such a Bond before 50 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit exceeds 3% of gross domestic product (GDP), or (2) the public debt exceeds 10% of GDP. Limits the holding of a War on Debt Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.

War on Debt Act of 2013

Rep. William Owens [D-NY]

Date	Chamber	Action
2013-05-13	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/1956/all-info
Text	https://www.congress.gov/113/bills/hr1956/BILLS-113hr1956ih.pdf