I 

108TH CONGRESS 

1ST SESSION H. R. 3302

To establish a deficit reduction account in the Treasury of the United States, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 15, 2003

Mr. TANCREDO introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Rules, 

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 establish a deficit reduction account in the Treasury 

of the United States, and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Debt Reduction and 

5 Fiscal Responsibility Restoration Act of 2003’’. 
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1 SEC. 2. ESTABLISHMENT OF DEFICIT REDUCTION AC2 COUNT. 

3 (a) IN GENERAL.—Subchapter I of chapter 31 of title 

4 31, United States Code, is amended by adding at the end 

5 the following new section: 

6 ‘‘§ 3114. Deficit reduction account 

7 ‘‘(a) There is established in the Treasury of the 

8 United States an account to be known as the Deficit Re9 duction Account (hereinafter in this section referred to as 

10 the ‘account’). 

11 ‘‘(b) The Secretary of the Treasury shall use amounts 

12 in the account to pay at maturity, or to redeem or buy 

13 before maturity, any obligation of the Government held 

14 by the public and included in the public debt. Any obliga15 tion which is paid, redeemed, or bought with amounts 

16 from the account shall be canceled and retired and may 

17 not be reissued. Amounts deposited in the account are ap18 propriated and may only be expended to carry out this 

19 section. 

20 ‘‘(c) The funds appropriated to this account shall re21 main available until expended. 

22 ‘‘(d) Establishment of and appropriations to the ac23 count shall not affect trust fund transfers that may be 

24 authorized under any other provision of law. 

25 ‘‘(e) The Secretary of the Treasury and the Director 

26 of the Office of Management and Budget shall each take 
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1 such actions as may be necessary to promptly carry out 

2 this section in accordance with sound debt management 

3 policies. 

4 ‘‘(f) Reducing the debt pursuant to this section shall 

5 not interfere with the debt management policies or goals 

6 of the Secretary of the Treasury. 

7 ‘‘(g) The term ‘obligation of the Government held by 

8 the public’ refers to the outstanding face amount of any 

9 debt obligation issued by the United States Government 

10 that is held by an outside investor, including any indi11 vidual, corporation, State or local government, foreign 

12 government, or the Federal Reserve System.’’. 

13 (b) CONFORMING AMENDMENT.—The chapter anal14 ysis for chapter 31 of title 31, United States Code, is 

15 amended by inserting after the item relating to section 

16 3113 the following:

‘‘3114. Public debt reduction payment account.’’.

17 SEC. 3. REPORTS TO CONGRESS. 

18 (a) ANNUAL REPORTS OF THE SECRETARY OF THE

19 TREASURY.—By November 1 of each calendar year and 

20 annually thereafter, the Secretary of the Treasury shall 

21 submit a report to each House of Congress setting forth 

22 the amounts and dates of deposits into the Deficit Reduc23 tion Account under section 3114 of title 31, United States 

24 Code, and debt redeemed by the Secretary under such sec25 tion during the fiscal year ending on October 30 of the 
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1 calendar year in which such report is submitted. Such re2 port shall also include a description of the Secretary’s plan 

3 for using the money in such account to reduce debt held 

4 by the public. 

5 (b) ANNUAL REPORTS OF THE COMPTROLLER GEN6 ERAL OF THE UNITED STATES.—By December 15 of each 

7 calendar year, the Comptroller General of the United 

8 States shall submit a report to each House of Congress 

9 verifying all of the information set forth in the most recent 

10 report submitted under subsection (a). 

11 SEC. 4. DEFICIT REDUCTION AMENDMENTS TO APPROPRIA12 TION BILLS. 

13 Clause 2 of rule XXI of the Rules of the House of 

14 Representatives is amended by adding at the end the fol15 lowing new paragraph: 

16 ‘‘(g) During the reading of an appropriation bill for 

17 amendment in the Committee of the Whole House on the 

18 state of the Union, it shall be in order to consider en bloc 

19 amendments proposing only to reduce appropriations 

20 among objects in the bill and appropriate an amount not 

21 greater than the amount so reduced to the Deficit Reduc22 tion Account under section 3114 of title 31, United States 

23 Code. When considered en bloc under this paragraph, such 

24 amendments may amend portions of the bill not yet read 

25 for amendment (following disposition of any points of 
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1 order against such portions) and is not subject to a de2 mand for division of the question in the House or in the 

3 Committee of the Whole.’’.

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