Debt Reduction and Fiscal Responsibility Restoration Act of 2003

Debt Reduction and Fiscal Responsibility Restoration Act of 2003 - Establishes in the Treasury the Deficit Reduction Account, to be used by the Secretary of the Treasury 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. Requires the Secretary to report annually to each House of Congress on the amounts and dates of deposits into the Account and on the public debt redeemed during the previous year.

Amends the Rules of the House of Representatives to provide that it shall be in order, during the reading of an appropriation bill for amendment in the Committee of the Whole House on the state of the Union, to consider en bloc amendments proposing only to reduce appropriations among objects in the bill and to appropriate an amount not greater than the amount so reduced to the Account.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3302 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 3302

To establish a deficit reduction account in the Treasury of the United 
                    States, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 15, 2003

 Mr. Tancredo introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committee on Rules, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of 
                        the committee concerned

_______________________________________________________________________

                                 A BILL


 
To establish a deficit reduction account in the Treasury of the United 
                    States, and for other purposes.

    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 Reduction and Fiscal 
Responsibility Restoration Act of 2003''.

SEC. 2. ESTABLISHMENT OF DEFICIT REDUCTION 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. Deficit reduction account
    ``(a) There is established in the Treasury of the United States an 
account to be known as the Deficit Reduction 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) The funds appropriated to this account shall remain available 
until expended.
    ``(d) Establishment of and appropriations to the account shall not 
affect trust fund transfers that may be authorized under any other 
provision of law.
    ``(e) 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.
    ``(f) Reducing the debt pursuant to this section shall not 
interfere with the debt management policies or goals of the Secretary 
of the Treasury.
    ``(g) The term `obligation of the Government held by the public' 
refers to the outstanding face amount of any debt obligation issued by 
the United States Government that is held by an outside investor, 
including any individual, corporation, State or local government, 
foreign government, or the Federal Reserve System.''.
    (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. 3. REPORTS TO CONGRESS.

    (a) Annual Reports of the Secretary of the Treasury.--By November 1 
of each calendar year and annually thereafter, the Secretary of the 
Treasury shall submit a report to each House of Congress setting forth 
the amounts and dates of deposits into the Deficit Reduction Account 
under section 3114 of title 31, United States Code, and debt redeemed 
by the Secretary under such section during the fiscal year ending on 
October 30 of the calendar year in which such report is submitted. Such 
report shall also include a description of the Secretary's plan for 
using the money in such account to reduce debt held by the public.
    (b) Annual Reports of the Comptroller General of the United 
States.--By December 15 of each calendar year, the Comptroller General 
of the United States shall submit a report to each House of Congress 
verifying all of the information set forth in the most recent report 
submitted under subsection (a).

SEC. 4. DEFICIT REDUCTION AMENDMENTS TO APPROPRIATION BILLS.

    Clause 2 of rule XXI of the Rules of the House of Representatives 
is amended by adding at the end the following new paragraph:
    ``(g) During the reading of an appropriation bill for amendment in 
the Committee of the Whole House on the state of the Union, it shall be 
in order to consider en bloc amendments proposing only to reduce 
appropriations among objects in the bill and appropriate an amount not 
greater than the amount so reduced to the Deficit Reduction Account 
under section 3114 of title 31, United States Code. When considered en 
bloc under this paragraph, such amendments may amend portions of the 
bill not yet read for amendment (following disposition of any points of 
order against such portions) and is not subject to a demand for 
division of the question in the House or in the Committee of the 
Whole.''.
                                 <all>