Debt Reduction Reconciliation Act of 2000

Summary: Provides that if the Congressional Budget Office estimates an on-budget surplus for FY 2000 in a report submitted to the congressional budget committees pursuant to the Congressional Budget Act of 1974 that exceeds the amount of the surplus for such fiscal year set forth in the concurrent resolution on the budget for FY 2001 (H. Con. Res. 290, 106th Congress), then an amount equal to that excess is appropriated into the Account for FY 2000. Prohibits such appropriation from being considered as direct spending for purposes of pay-as-you-go provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).Reduces the public debt limit by the amount appropriated into the Account.Bars Account receipts and disbursements from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of : (1) the Federal budget as submitted by the President; (2) the congressional budget; or (3) the Gramm-Rudman-Hollings Act.Requires the Secretary to report to specified congressional committees on the Account.

290, 106th Congress), then there is hereby 
appropriated into the account on the later of the date of enactment of 
this Act or the date upon which the Congressional Budget Office submits 
such report, out of any money in the Treasury not otherwise 
appropriated, for the fiscal year ending September 30, 2000, an amount 
equal to that excess. The funds appropriated to this account shall 
remain available until expended.
    ``(d) The appropriation made under subsection (c) shall not be 
considered direct spending for purposes of section 252 of Balanced 
Budget and Emergency Deficit Control Act of 1985.
    ``(e) Establishment of and appropriations to the account shall not 
affect trust fund transfers that may be authorized under any other 
provision of law.
    ``(f) The Secretary of the Treasury and the Director of the Office 
of Management and Budget shall each take such actions as may be 
necessary to promptly carry out this section in accordance with sound 
debt management policies.
    ``(g) Reducing the debt pursuant to this section shall not 
interfere with the debt management policies or goals of the Secretary 
of the Treasury.''.
    (b) Conforming Amendment.--The chapter analysis for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 3113 the following:

``3114. Public debt reduction payment account.''.

SEC. 4. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    Section 3101(b) of title 31, United States Code, is amended by 
inserting ``minus the amount appropriated into the Public Debt 
Reduction Payment Account pursuant to section 3114(c)'' after 
``$5,950,000,000,000''.

SEC. 5. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.

    Notwithstanding any other provision of law, the receipts and 
disbursements of the Public Debt Reduction Payment Account established 
by section 3114 of title 31, United States Code, shall not be counted 
as new budget authority, outlays, receipts, or deficit or surplus for 
purposes of--
            (1) the budget of the United States Government as submitted 
        by the President;
            (2) the congressional budget; or
            (3) the Balanced Budget and Emergency Deficit Control Act 
        of 1985.

SEC. 6. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM BUDGET 
              PRONOUNCEMENTS.

    (a) In General.--Any official statement issued by the Office of 
Management and Budget, the Congressional Budget Office, or any other 
agency or instrumentality of the Federal Government 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 or any other such agency or instrumentality, shall exclude the 
outlays and receipts of the Public Debt Reduction Payment Account 
established by section 3114 of title 31, United States Code.
    (b) Separate Public Debt Reduction Payment Account Budget 
Documents.--The excluded outlays and receipts of the Public Debt 
Reduction Payment Account established by section 3114 of title 31, 
United States Code, shall be submitted in separate budget documents.

SEC. 7. REPORTS TO CONGRESS.

    (a) Reports of the Secretary of the Treasury.--(1) Within 30 days 
after the appropriation is deposited into the Public Debt Reduction 
Payment Account under section 3114 of title 31, United States Code, the 
Secretary of the Treasury shall submit a report to the Committee on 
Ways and Means of the House of Representatives and the Committee on 
Finance of the Senate confirming that such account has been established 
and the amount and date of such deposit. Such report shall also include 
a description of the Secretary's plan for using such money to reduce 
debt held by the public.
    (2) Not later than October 31, 2000, and October 31, 2001, the 
Secretary of the Treasury shall submit a report to the Committee on 
Ways and Means of the House of Representatives and the Committee on 
Finance of the Senate setting forth the amount of money deposited into 
the Public Debt Reduction Payment Account, the amount of debt held by 
the public that was reduced, and a description of the actual debt 
instruments that were redeemed with such money.
    (b) Report of the Comptroller General of the United States.--Not 
later than November 15, 2001, the Comptroller General of the United 
States shall submit a report to the Committee on Ways and Means of the 
House of Representatives and the Committee on Finance of the Senate 
verifying all of the information set forth in the reports submitted 
under subsection (a).

            Passed the House of Representatives June 20, 2000.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.

                            By Martha C. Morrison,

                                                          Deputy Clerk.