H.R.4866 - Debt Relief Reconciliation Act for Fiscal Year 2001106th Congress (1999-2000)
Text: H.R.4866 — 106th Congress (1999-2000)
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Referred in Senate (07/19/2000)
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[Congressional Bills 106th Congress] [From the U.S. Government Printing Office] [H.R. 4866 Referred in Senate (RFS)] 2d Session H. R. 4866 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 19, 2000 Received; read twice and referred to the Committee on Finance _______________________________________________________________________ AN ACT To provide for reconciliation pursuant to section 103(b)(1) of the concurrent resolution on the budget for fiscal year 2001 to reduce the public debt and to decrease the statutory limit on the public debt. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Debt Relief Reconciliation Act for Fiscal Year 2001''. SEC. 2. FINDINGS AND PURPOSE. (a) Findings.--The Congress finds that-- (1) fiscal discipline, resulting from the Balanced Budget Act of 1997, and strong economic growth have ended decades of deficit spending and have produced budget surpluses without using the social security surplus; (2) fiscal pressures will mount in the future as the aging of the population increases budget obligations; (3) until Congress and the President agree to legislation that strengthens Social Security, the social security surplus should be used to reduce the debt held by the public; (4) strengthening the Government's fiscal position through public debt reduction increases national savings, promotes economic growth, reduces interest costs, and is a constructive way to prepare for the Government's future budget obligations; and (5) it is fiscally responsible and in the long-term national economic interest to use a portion of the nonsocial security surplus to reduce the debt held by the public. (b) Purpose.--It is the purpose of this Act to-- (1) reduce the debt held by the public with the goal of eliminating this debt by 2013; and (2) decrease the statutory limit on the public debt. SEC. 3. ESTABLISHMENT OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT. (a) In General.--Subchapter I of chapter 31 of title 31, United States Code, is amended by adding at the end the following new section: ``Sec. 3114. Public debt reduction payment account ``(a) There is established in the Treasury of the United States an account to be known as the Public Debt Reduction Payment Account (hereinafter in this section referred to as the `account'). ``(b) The Secretary of the Treasury shall 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. Any obligation which is paid, redeemed, or bought with amounts from the account shall be canceled and retired and may not be reissued. Amounts deposited in the account are appropriated and may only be expended to carry out this section. ``(c) There is hereby appropriated into the account on October 1, 2000, or the date of enactment of this Act, whichever is later, out of any money in the Treasury not otherwise appropriated, $25,000,000,000 for the fiscal year ending September 30, 2001. The funds appropriated to this account shall remain available until expended. ``(d) The appropriation made under subsection (c) shall not be considered direct spending for purposes of section 252 of Balanced Budget and Emergency Deficit Control Act of 1985. ``(e) Establishment of and appropriations to the account shall not affect trust fund transfers that may be authorized under any other provision of law. ``(f) The Secretary of the Treasury and the Director of the Office of Management and Budget shall each take such actions as may be necessary to promptly carry out this section in accordance with sound debt management policies. ``(g) Reducing the debt pursuant to this section shall not interfere with the debt management policies or goals of the Secretary of the Treasury.''. (b) Conforming Amendment.--The chapter analysis for chapter 31 of title 31, United States Code, is amended by inserting after the item relating to section 3113 the following: ``3114. Public debt reduction payment account.''. SEC. 4. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT. Section 3101(b) of title 31, United States Code, is amended by inserting ``minus the amount appropriated into the Public Debt Reduction Payment Account pursuant to section 3114(c)'' after ``$5,950,000,000,000''. SEC. 5. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT. Notwithstanding any other provision of law, the receipts and disbursements of the Public Debt Reduction Payment Account established by section 3114 of title 31, United States Code, shall not be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of-- (1) the budget of the United States Government as submitted by the President; (2) the congressional budget; or (3) the Balanced Budget and Emergency Deficit Control Act of 1985. SEC. 6. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM BUDGET PRONOUNCEMENTS. (a) In General.--Any official statement issued by the Office of Management and Budget, the Congressional Budget Office, or any other agency or instrumentality of the Federal Government of surplus or deficit totals of the budget of the United States Government as submitted by the President or of the surplus or deficit totals of the congressional budget, and any description of, or reference to, such totals in any official publication or material issued by either of such Offices or any other such agency or instrumentality, shall exclude the outlays and receipts of the Public Debt Reduction Payment Account established by section 3114 of title 31, United States Code. (b) Separate Public Debt Reduction Payment Account Budget Documents.--The excluded outlays and receipts of the Public Debt Reduction Payment Account established by section 3114 of title 31, United States Code, shall be submitted in separate budget documents. SEC. 7. REPORTS TO CONGRESS. (a) Reports of the Secretary of the Treasury.--(1) Within 30 days after the appropriation is deposited into the Public Debt Reduction Payment Account under section 3114 of title 31, United States Code, the Secretary of the Treasury shall submit a report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate confirming that such account has been established and the amount and date of such deposit. Such report shall also include a description of the Secretary's plan for using such money to reduce debt held by the public. (2) Not later than October 31, 2002, the Secretary of the Treasury shall submit a report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate setting forth the amount of money deposited into the Public Debt Reduction Payment Account, the amount of debt held by the public that was reduced, and a description of the actual debt instruments that were redeemed with such money. (b) Report of the Comptroller General of the United States.--Not later than November 15, 2002, the Comptroller General of the United States shall submit a report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate verifying all of the information set forth in the reports submitted under subsection (a). Passed the House of Representatives July 18, 2000. Attest: JEFF TRANDAHL, Clerk.