War on Debt Act of 2011
Latest action · Jan 5, 2011 Referred to the House Committee on Ways and Means.
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.
- IntroducedJan 5, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
War on Debt Act of 2011 - Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "War on Debt Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt.
Sets the maturity and redemption date of a War on Debt Bond at 50 years from the date of issue. Requires certain annual principal and interest payments, which shall not be includible in gross income under the Internal Revenue Code.
Allows redemption of such a Bond before 50 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit exceeds 3% of gross domestic product (GDP), or (2) the public debt exceeds 10% of GDP.
Limits the holding of a War on Debt Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jan 5, 2011 |
Actions 2
Everything that happened, newest first.
- Jan 5, 2011Introduced in House
- Jan 5, 2011Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H46.
Printed hearings 6
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| — | DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2013349 pages | Appropriations Committee | Nov 16, 2012 |
| S. Hrg. 112-731 | DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2013604 pages | Appropriations Committee | Feb 29, 2012–May 16, 2012 |
| — | COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 201270 pages | Appropriations Committee | Apr 14, 2011 |
| — | DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2012302 pages | Appropriations Committee | Mar 28, 2011–May 20, 2011 |
| S. Hrg. 112-439 | COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2012369 pages | Appropriations Committee | Mar 10, 2011–Apr 14, 2011 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1909 | A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds. | Related bill | Nov 18, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend title 31, United States Code, to provide for the issuance of War on Debt Bonds.
- Short Titles as Introduced
- War on Debt Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
Text 1
Each version as it was printed, newest first.
- Jan 5, 2011Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
