Debt Buy-Down Act
Latest action · Jun 16, 2010 Referred to House Budget
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 16, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 34
Members who signed on, in the order they did. Signatures ran from Jul 1, 2010 to Jul 27, 2010.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IL | Aaron Schock | Jul 1, 2010 | |
| R-FL | Bill Posey | Jul 1, 2010 | |
| R-IN | Dan Burton | Jul 1, 2010 | |
| R-CA | Daniel E. Lungren | Jul 1, 2010 | |
| R-CA | Darrell Issa | Jul 1, 2010 | |
| R-CO | Doug Lamborn | Jul 1, 2010 | |
| R-WI | F. James Sensenbrenner, Jr. | Jul 1, 2010 | |
| R-SC | J. Gresham Barrett | Jul 1, 2010 | |
| R-TX | Joe Barton | Jul 1, 2010 | |
| R-SC | Joe Wilson | Jul 1, 2010 | |
| R-TX | John Abney Culberson | Jul 1, 2010 | |
| R-AZ | John B. Shadegg | Jul 1, 2010 | |
| R-CA | John Campbell | Jul 1, 2010 | |
| R-TN | John J. Duncan, Jr. | Jul 1, 2010 | |
| R-PA | Joseph R. Pitts | Jul 1, 2010 |
Actions 4
Everything that happened, newest first.
- Jun 16, 2010Introduced in House
- Jun 16, 2010Referred to House Budget
- Jun 16, 2010Referred to House Ways and Means
- Jun 16, 2010Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3496 | Debt Buy-Down Act | Identical bill | Jun 16, 2010 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jun 16, 2010Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.