[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 246 Introduced in House (IH)]







106th CONGRESS
  2d Session
H. CON. RES. 246

   Expressing the sense of the Congress regarding elimination of the 
  portion of the national debt held by the public by 2015 or earlier.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 1, 2000

Mr. Kuykendall submitted the following concurrent resolution; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
   Expressing the sense of the Congress regarding elimination of the 
  portion of the national debt held by the public by 2015 or earlier.

Whereas by the end of fiscal year 1999, the national debt had reached $5.66 
        trillion;
Whereas almost $3.6 trillion of the national debt is held by the public;
Whereas the large amount of such publicly held debt and the interest that must 
        be paid on such debt impairs the Federal Government's handling of 
        economic or military crises and diverts critical resources away from 
        Federal programs;
Whereas financial pressure on the social security and medicare trust funds will 
        increase as a growing number of Americans reach retirement age, thus 
        increasing the need to reallocate Federal resources to support programs 
        that depend on such trust funds and other Federal programs;
Whereas the resources currently dedicated to paying the interest on such 
        publicly held debt could be reallocated to support the Nation's retiring 
        population, but such reallocation would require a committed effort to 
        reducing such debt;
Whereas the Congressional Budget Office projects growing budget surpluses for 
        the next ten years and such surpluses could be used to reduce such 
        publicly held debt;
Whereas based on the anticipated surpluses, the Congressional Budget Office 
        projects that such publicly held debt could be reduced to $865 billion 
        by 2009; and
Whereas by continuing to follow a policy of fiscal restraint and controlled 
        spending, it would be possible to eliminate such publicly held debt by 
        2015 or earlier: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that the Congress and the 
President should work together to eliminate the portion of the national 
debt held by the public by 2015 or earlier.
                                 <all>