US SB869 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on April 22 2009 - 25% progression, died in chamber
Action: 2009-04-22 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 22 2009 - 25% progression, died in chamber
Action: 2009-04-22 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]
Summary
Debt Reduction Priority Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to require the Secretary of the Treasury to deposit in the Public Debt Reduction Payment Account (established by this Act) amounts received for repayment of financial assistance or payment of interest on the receipt of such assistance by an entity under the Troubled Asset Relief Program (TARP) or any program enacted by the Secretary under the authorities granted under such Act, including the Capital Purchase Program. Requires the Secretary to use amounts in the Account to pay at maturity, or to redeem or buy before maturity, any obligation of the government held by the public and included in the public debt. Reduces the public debt limit by the aggregate of amounts deposited into the Account. Excludes receipts and disbursements of the Account from consideration as new budget authority, outlays, receipts, or deficit or surplus for purposes of the President's budget, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985. Requires outlays and receipts of the Account to be excluded from any official statement of budget surplus or deficit totals issued by the Office of Management and Budget (OMB), the Congressional Budget Office (CBO), or any other federal agency or instrumentality.
Title
Debt Reduction Priority Act
Sponsors
Sen. Michael Enzi [R-WY] | Sen. John Thune [R-SD] |
History
Date | Chamber | Action |
---|---|---|
2009-04-22 | Read twice and referred to the Committee on Finance. |
Same As/Similar To
SB862 (Related) 2009-04-22 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Bank accounts, deposits, capital
Budget deficits and national debt
Budget process
Financial crises and stabilization
Government trust funds
Interest, dividends, interest rates
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/senate-bill/869/all-info |
Text | https://www.congress.gov/111/bills/s869/BILLS-111s869is.pdf |