IN THE SENATE OF THE UNITED STATES
April 10, 2013
Mr. Rubio(for himself,Mr. Alexander,Mr. Barrasso,Mr. Blunt,Mr. Chambliss,Mr. Coats,Mr. Coburn,Mr. Cornyn,Mr. Enzi,Mr. Inhofe,Mr. Isakson,Mr. Johanns,Mr. Johnson of Wisconsin,Mr. McConnell,Mr. Paul,Mr. Risch, andMr. Vitter) introduced the following bill; which was read twice and referred to theCommittee on Appropriations
To rescind certain Federal funds identified by States as unwanted and use the funds to reduce the Federal debt.
This Act may be cited as the
Returned Exclusively For Unpaid
National Debt Act
Use of unwanted Federal funds to reduce Federal debt
Rescission of unwanted Federal funds
There is rescinded, from any Federal funds required to be allocated by formula among all States that agree to use such funds for a specified purpose, an amount equal to the amount of such funds that would have otherwise been allocated to a State that identifies such funds undersubsection (b)as unwanted.
Identification of funds
Subsection (a)shall only apply if, not later than the last date on which an application or State plan must be submitted in order for a State to be allocated, in an annual or biennial budget cycle, funds described in such subsection—
the State legislature with jurisdiction over such budget cycle adopts a concurrent resolution identifying the funds as unwanted; and
the State submits notice of the resolution described inparagraph (1)to the agency head responsible for allocation of the funds, in such form and manner and containing such information as the agency head determines appropriate to make the determination insubsection (c).
Determination of amount To be rescinded
An agency head that receives notice described insubsection (b)(2)shall determine and report to theOffice of Management and Budgetthe amount to be rescinded undersubsection (a).
Use for reduction of Federal debt
Amounts rescinded undersubsection (a)shall be deposited by theSecretary of the Treasuryin the special fund account “Gifts to Reduce Debt Held by the Public, Bureau of the Public Debt, Treasury” and used to reduce the Federal debt as provided insection 3113(d) of title 31, United States Code.
TheSecretary of the Treasuryshall submit to theCongresseach year a report identifying the amount deposited in the Treasury undersubsection (d)with respect to each State in such year.
In this section:
The termagency headmeans the head of a department or agency of the Federal Government.
each of the several States;
the District of Columbia; or
any commonwealth, territory, or possession of the United States.