[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 941 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 941

  To amend the Internal Revenue Code of 1986 to establish the Deficit 
                  Trust Fund, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                May 12 (legislative day, April 19), 1993

 Mr. DeConcini (for himself and Mr. Feingold) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to establish the Deficit 
                  Trust Fund, 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 ``Deficit Trust Fund Act of 1993''.

SEC. 2. DEFICIT TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 (relating to trust fund code) is amended by adding at the 
end the following new section:

``SEC. 9511. DEFICIT TRUST FUND.

    ``(a) Trust Fund Established.--
            ``(1) In general.--There is established in the Treasury of 
        the United States a trust fund to be known as the `Deficit 
        Trust Fund', consisting of such amounts as may be appropriated 
        or credited to such Trust Fund as provided in this section and 
        section 9602(b).
            ``(2) Transfer of amounts equivalent to certain revenues.--
        There are hereby appropriated to the Deficit Trust Fund amounts 
        equivalent to 100 percent of the revenues resulting from the 
        amendments made to this title by the provisions of the Revenue 
        Reconciliation Act of 1993.
    ``(b) Expenditures.--Amounts in the Deficit Trust Fund are hereby 
authorized to be appropriated and are appropriated for the sole purpose 
of paying at maturity, or redeeming or buying before maturity, an 
obligation of the Government of the United States included in the 
public debt. Such an obligation that is paid, redeemed, or bought with 
money from the Deficit Trust Fund shall be canceled and retired and may 
not be reissued.''.
    (b) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of such Code is amended by inserting after the item relating 
to section 9510 the following new item:

                              ``Sec. 9511. Deficit Trust Fund.''.
    (c) Effective Date.--The amendments made by this section shall 
become effective on October 1, 1993.

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