Reducing Barack Obama's Unsustainable Deficit Act

Reducing Barack Obama's Unsustainable Deficit Act - Rescinds all unobligated balances of the discretionary appropriations made available in division A of the American Recovery and Reinvestment Act of 2009 (ARRA).

Repeals subtitles B (Assistance for Vulnerable Individuals) and C (Economic Recovery Payments to Certain Individuals) of title II (the Assistance for Unemployed Workers and Struggling Families Act) and titles III (Premium Assistance for COBRA Benefits), IV (Medicare and Medicaid Health Information Technology; Miscellaneous Medicare Provisions), V (State Fiscal Relief), VI (Broadband Communications), and VII (Limits on Executive Compensation) of division B of ARRA.

Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate upon enactment of this Act (currently, December 31, 2009) the Secretary of the Treasury's authority to establish the Troubled Asset Relief Program (TARP) and the program to guarantee troubled assets originated or issued before March 14, 2008, including mortgage-backed securities. Repeals the authorization for a two-year extension of such authority if the Secretary submits a specified certification to Congress.

Requires the Secretary, each time a financial institution makes a TARP repayment, to transfer such repayments to the special account established in the Treasury for reducing public debt.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3140 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3140

To rescind unobligated appropriations and repeal certain provisions in 
   the American Recovery and Reinvestment Act of 2009, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 9, 2009

Mr. Price of Georgia (for himself, Mr. Jordan of Ohio, and Mr. Garrett 
of New Jersey) introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committees on 
Energy and Commerce, Appropriations, Ways and Means, Transportation and 
Infrastructure, and Veterans' Affairs, 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 rescind unobligated appropriations and repeal certain provisions in 
   the American Recovery and Reinvestment Act of 2009, 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 ``Reducing Barack Obama's 
Unsustainable Deficit Act''.

SEC. 2. RESCISSION AND REPEAL IN ARRA.

    (a) Rescission.--Of the discretionary appropriations made available 
in division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5), all unobligated balances are rescinded.
    (b) Repeal.--Subtitles B and C of title II and titles III through 
VII of division B of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5) are repealed.

SEC. 3. EMERGENCY ECONOMIC STABILIZATION ACT AMENDMENTS.

    (a) In General.--The Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5201 et seq.) is amended as follows:
            (1) In section 120:
                    (A) By striking ``December 31, 2009'' and inserting 
                ``the date of enactment of the Reducing Barack Obama's 
                Unsustainable Deficit Act''.
                    (B) By repealing subsection (b).
            (2) In title I, by adding at the end the following new 
        section:

``SEC. 137. TARP REPAYMENTS USED TO REDUCE PUBLIC DEBT.

    ``Each time a financial institution makes a repayment of assistance 
provided under this title, the Secretary shall transfer such repayment 
to the special account established by section 3113(d) of title 31, 
United States Code.''.
    (b) Conforming Amendment.--The table of contents for such Act is 
amended by inserting after the item relating to section 136 the 
following new item:

``137. TARP repayments used to reduce public debt.''.
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