US Congress Senate Bill 574 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on March 15 2011 - 25% progression, died in committee
Action: 2011-03-15 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Debt Buy-Down Act - Amends the Internal Revenue Code to allow individual taxpayers to designate up to 10% of their adjusted income tax liability for the reduction of the public debt. Establishes in the Treasury the Public Debt Reduction Trust Fund to hold tax revenues generated by this Act for the reduction of the public debt. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require a sequestration of federal spending equivalent to the estimated aggregate amount designated by taxpayers under this Act to reduce the public debt. Prohibits any reduction in social security retirement benefits, veterans benefits, or interest payments on federal debt as a result of any such sequestration.

Debt Buy-Down Act

Sen. John McCain [R-AZ]

Sen. Marco Rubio [R-FL]

Date	Chamber	Action
2011-03-15	Senate	Read twice and referred to the Committee on Finance.

HB634 (Related) 2011-02-10 - Referred to House Budget

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/574/all-info
Text	https://www.congress.gov/112/bills/s574/BILLS-112s574is.pdf