H.R. 2191 (105th): National Debt Repayment Act of 1997

Introduced:
Jul 17, 1997 (105th Congress, 1997–1998)
Status:
Died (Referred to Committee)
Sponsor
Mark Neumann
Representative for Wisconsin's 1st congressional district
Party
Republican
Text
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Last Updated
Jul 17, 1997
Length
6 pages
 
Status

This bill was introduced on July 17, 1997, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 17, 1997
Referred to Committee Jul 17, 1997
 
Full Title

To amend the Congressional Budget Act of 1974 regarding procedures for budget resolutions and to amend title 31, United States Code, to direct repayment of the public debt.

Summary

No summaries available.

Cosponsors
109 cosponsors (101R, 8D) (show)
Committees

House Rules

House Budget

House Ways and Means

Social Security

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


7/17/1997--Introduced.
National Debt Repayment Act of 1997 - Amends the Congressional Budget Act of 1974 to require concurrent resolutions on the budget, beginning with the one for the first fiscal year after there is a surplus, to set forth totals of budget outlays and Federal revenues for the budget year and each fiscal year concerned such that the annual rate of change in outlays is at least one percentage point lower than the corresponding change in revenues for each such year.
Permits the Congress to waive such requirement for fiscal years in which a declaration of war is in effect or the United States is engaged in military conflict posing a serious threat to national security or for the budget year and the next fiscal year if real economic growth has been negative for two consecutive calendar quarters.
Amends Federal law to require the Secretary of the Treasury to use any budget surplus for a fiscal year, with one-third allocated to each of the following, to:
(1) exchange special issue nonmarketable Government bonds in the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund with marketable Government securities;
(2) invest in marketable Government securities to be held in a Tax Cut Offset Trust Fund to offset future revenue reductions; and
(3) exchange special issue nonmarketable Government securities in the Highway Trust Fund and the Hazardous Substance Superfund with marketable ones.
Requires the surplus to be allocated, in specified increments, to repay the public debt when Government trust funds, including those described above, no longer hold nonmarketable securities.
Prohibits receipts and disbursements of Government trust funds, in an amount up to the value of marketable Government securities contained in any such fund, from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of the Federal or congressional budgets or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Exempts such receipts and disbursements from any statutory general budget limitation on expenditures and net lending.
Directs the Secretary, upon expenditure from a trust fund of any money not so counted, to sell a corresponding amount of marketable Government securities from the fund and reduce its balance accordingly.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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