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 Com-
mittee 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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Debt Reduction and 
Fiscal Responsibility Restoration Act of 2003’’.
SEC. 2. ESTABLISHMENT OF DEFICIT REDUCTION AC-
COUNT. 
(a) IN GENERAL.—Subchapter I of chapter 31 of title 
31, United States Code, is amended by adding at the end 
the following new section: 
‘‘§ 3114. Deficit reduction account 
‘‘(a) There is established in the Treasury of the 
United States an account to be known as the Deficit Re-
duction Account (hereinafter in this section referred to as 
the ‘account’). 
‘‘(b) The Secretary of the Treasury shall use amounts 
in the account to pay at maturity, or to redeem or buy 
before maturity, any obligation of the Government held 
by the public and included in the public debt. Any obliga-
tion which is paid, redeemed, or bought with amounts 
from the account shall be canceled and retired and may 
not be reissued. Amounts deposited in the account are ap-
propriated and may only be expended to carry out this 
section. 
‘‘(c) The funds appropriated to this account shall re-
main available until expended. 
‘‘(d) Establishment of and appropriations to the ac-
count shall not affect trust fund transfers that may be 
authorized under any other provision of law. 
‘‘(e) 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. 
‘‘(f) Reducing the debt pursuant to this section shall 
not interfere with the debt management policies or goals 
of the Secretary of the Treasury. 
‘‘(g) The term ‘obligation of the Government held by 
the public’ refers to the outstanding face amount of any 
debt obligation issued by the United States Government 
that is held by an outside investor, including any indi-
vidual, corporation, State or local government, foreign 
government, or the Federal Reserve System.’’. 
(b) CONFORMING AMENDMENT.—The chapter anal-
ysis 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. 3. REPORTS TO CONGRESS. 
(a) ANNUAL REPORTS OF THE SECRETARY OF THE 
TREASURY.—By November 1 of each calendar year and 
annually thereafter, the Secretary of the Treasury shall 
submit a report to each House of Congress setting forth 
the amounts and dates of deposits into the Deficit Reduc-
tion Account under section 3114 of title 31, United States 
Code, and debt redeemed by the Secretary under such sec-
tion during the fiscal year ending on October 30 of the
calendar year in which such report is submitted. Such re-
port shall also include a description of the Secretary’s plan 
for using the money in such account to reduce debt held 
by the public. 
(b) ANNUAL REPORTS OF THE COMPTROLLER GEN-
ERAL OF THE UNITED STATES.—By December 15 of each 
calendar year, the Comptroller General of the United 
States shall submit a report to each House of Congress 
verifying all of the information set forth in the most recent 
report submitted under subsection (a). 
SEC. 4. DEFICIT REDUCTION AMENDMENTS TO APPROPRIA-
TION BILLS. 
Clause 2 of rule XXI of the Rules of the House of 
Representatives is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(g) During the reading of an appropriation bill for 
amendment in the Committee of the Whole House on the 
state of the Union, it shall be in order to consider en bloc 
amendments proposing only to reduce appropriations 
among objects in the bill and appropriate an amount not 
greater than the amount so reduced to the Deficit Reduc-
tion Account under section 3114 of title 31, United States 
Code. When considered en bloc under this paragraph, such 
amendments may amend portions of the bill not yet read 
for amendment (following disposition of any points of
order against such portions) and is not subject to a de-
mand for division of the question in the House or in the 
Committee of the Whole.’’.
Æ