[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 948 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 948

To amend chapter 31 of title 31, United States Code, to establish lower 
 statutory limits for debt held by the public for each of fiscal years 
               2000 through 2009, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 1999

  Mr. Moran of Kansas (for himself and Mr. Pickering) introduced the 
following bill; which was referred 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 to the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
To amend chapter 31 of title 31, United States Code, to establish lower 
 statutory limits for debt held by the public for each of fiscal years 
               2000 through 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 ``Debt Downpayment Act''.

SEC. 2. STATUTORY LIMITS ON PUBLICLY-HELD DEBT.

    (a) In General.--Subchapter I of chapter 31 of title 31 of the 
United States Code is amended by adding at the end the following new 
section:
``Sec. 3114. Limits on publicly-held debt
    ``(a) The face amount of publicly-held obligations issued under 
this chapter and the face amount of publicly-held obligations whose 
principal and interest are guaranteed by the United States Government 
(except guaranteed obligations held by the Secretary of the Treasury) 
may not be more than--
            ``(1) $3,515,000,000,000 outstanding on September 30, 2000;
            ``(2) $3,378,000,000,000 outstanding on September 30, 2001;
            ``(3) $3,183,000,000,000 outstanding on September 30, 2002;
            ``(4) $2,989,000,000,000 outstanding on September 30, 2003;
            ``(5) $2,770,000,000,000 outstanding on September 30, 2004;
            ``(6) $2,529,000,000,000 outstanding on September 30, 2005;
            ``(7) $2,237,000,000,000 outstanding on September 30, 2006;
            ``(8) $1,917,000,000,000 outstanding on September 30, 2007;
            ``(9) $1,574,000,000,000 outstanding on September 30, 2008; 
        or
            ``(10) $1,206,000,000,000 outstanding on September 30, 
        2009.
    ``(b) In this section, the current redemption value of an 
obligation issued on a discount basis and redeemable before maturity at 
the option of its holder is deemed to be the face amount of the 
obligation.
    ``(c) For purposes of this section, the face amount, for any month, 
of any obligation issued on a discount basis that is not redeemable 
before maturity at the option of the holder of the obligation is an 
amount equal to the sum of--
            ``(1) the original issue price of the obligation, plus
            ``(2) the portion of the discount on the obligation 
        attributable to periods before the beginning of such month (as 
        determined under the principles of section 1272(a) of the 
        Internal Revenue Code of 1986 without regard to any exceptions 
        contained in paragraph (2) of such section).
    ``(d) The provisions of this title may be waived by law--
            ``(1) for any fiscal year in which a declaration of war is 
        in effect; or
            ``(2) for the budget year and the next fiscal year, if real 
        economic growth has been negative for two consecutive calendar 
        quarters.
    ``(e) For purposes of this section:
            ``(1) The term `publicly-held obligation' means any 
        obligation subject to the public debt limit established under 
        section 3101, except any obligation issued under this chapter 
        directly to a Federal fund.
            ``(2) The term `Federal fund' means any Federal trust fund 
        or Government account established pursuant to Federal law to 
        which the Secretary of the Treasury has issued or is expressly 
        authorized by law directly to issue obligations under this 
        chapter in respect of public money, money otherwise required to 
        be deposited in the Treasury, or amounts appropriated.''.
    (b) Conforming Amendment.--The chapter analysis of subchapter I of 
chapter 31 of title 31, United States Code, is amended by adding at the 
end the following new item:

``3114. Limits on publicly held debt.''.

SEC. 3. REMOVING SOCIAL SECURITY FROM BUDGET SURPLUS/DEFICIT 
              PRONOUNCEMENTS.

    (a) Surplus or Deficit Totals.--Any official statement issued by 
the Office of Management and Budget or by the Congressional Budget 
Office of surplus or deficit totals of the budget of the United States 
Government as submitted by the President or of the surplus or deficit 
totals of the congressional budget, and any description of, or 
reference to, such totals in any official publication or material 
issued by either of such offices, shall exclude the receipts and 
disbursements totals of the old-age, survivors, and disability 
insurance program under title II of the Social Security Act (including 
the Federal Old-Age and Survivors Insurance Trust Fund and the Federal 
Disability Insurance Trust Fund) and the related provisions of the 
Internal Revenue Code of 1986.
    (b) Presentation of Budgetary Aggregates.--For purposes of chapter 
11 of title 31 of the United States Code or the Congressional Budget 
Act of 1974, tables and other displays of budgetary aggregates for the 
United States Government of the Director of the Office of Management 
and Budget or the Director of the Congressional Budget Office shall not 
include receipts or disbursements referred to in subsection (a).
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