I 111th CONGRESS 1st Session H. R. 3140 IN THE HOUSE OF REPRESENTATIVES July 9, 2009 Mr. Price of Georgia (for himself, Mr. Jordan of Ohio, and Mr. Garrett of New Jersey) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, Appropriations, Ways and Means, Transportation and Infrastructure, and Veterans’ Affairs, 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 A BILL To rescind unobligated appropriations and repeal certain provisions in the American Recovery and Reinvestment Act of 2009, and for other purposes.

1.

Short title

This Act may be cited as the Reducing Barack Obama’s Unsustainable Deficit Act.

2.

Rescission and repeal in ARRA

(a)

Rescission

Of the discretionary appropriations made available in division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5), all unobligated balances are rescinded. (b)

Repeal

Subtitles B and C of title II and titles III through VII of division B of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5) are repealed.

3.

Emergency Economic Stabilization Act amendments

(a)

In general

The Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) is amended as follows: (1)In section 120: (A)By striking December 31, 2009 and inserting the date of enactment of the Reducing Barack Obama’s Unsustainable Deficit Act. (B)By repealing subsection (b). (2)In title I, by adding at the end the following new section:

137.

TARP repayments used to reduce public debt

Each time a financial institution makes a repayment of assistance provided under this title, the Secretary shall transfer such repayment to the special account established by section 3113(d) of title 31, United States Code.

. (b)

Conforming amendment

The table of contents for such Act is amended by inserting after the item relating to section 136 the following new item: 137. TARP repayments used to reduce public debt. .