I
106TH CONGRESS
1ST SESSION
H. R. 948
To amend chapter 31 of title 31, United States Code, to establish lower
statutory limits for debt held by the public for each of fiscal years
2000 through 2009, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 2, 1999
Mr. MORAN of Kansas (for himself and Mr. PICKERING) introduced the follow-
ing bill; which was referred to the Committee on Ways and Means, and
in addition to the Committee on the Budget, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction to the committee concerned
A BILL
To amend chapter 31 of title 31, United States Code, to
establish lower statutory limits for debt held by the pub-
lic for each of fiscal years 2000 through 2009, 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 Downpayment
Act’’.
SEC. 2. STATUTORY LIMITS ON PUBLICLY-HELD DEBT.
(a) IN GENERAL.—Subchapter I of chapter 31 of title
31 of the United States Code is amended by adding at
the end the following new section:
‘‘§ 3114. Limits on publicly-held debt
‘‘(a) The face amount of publicly-held obligations
issued under this chapter and the face amount of publicly-
held obligations whose principal and interest are guaran-
teed by the United States Government (except guaranteed
obligations held by the Secretary of the Treasury) may
not be more than—
‘‘(1) $3,515,000,000,000 outstanding on Sep-
tember 30, 2000;
‘‘(2) $3,378,000,000,000 outstanding on Sep-
tember 30, 2001;
‘‘(3) $3,183,000,000,000 outstanding on Sep-
tember 30, 2002;
‘‘(4) $2,989,000,000,000 outstanding on Sep-
tember 30, 2003;
‘‘(5) $2,770,000,000,000 outstanding on Sep-
tember 30, 2004;
‘‘(6) $2,529,000,000,000 outstanding on Sep-
tember 30, 2005;
‘‘(7) $2,237,000,000,000 outstanding on Sep-
tember 30, 2006;
‘‘(8) $1,917,000,000,000 outstanding on Sep-
tember 30, 2007;
‘‘(9) $1,574,000,000,000 outstanding on Sep-
tember 30, 2008; or
‘‘(10) $1,206,000,000,000 outstanding on Sep-
tember 30, 2009.
‘‘(b) In this section, the current redemption value of
an obligation issued on a discount basis and redeemable
before maturity at the option of its holder is deemed to
be the face amount of the obligation.
‘‘(c) For purposes of this section, the face amount,
for any month, of any obligation issued on a discount basis
that is not redeemable before maturity at the option of
the holder of the obligation is an amount equal to the sum
of—
‘‘(1) the original issue price of the obligation,
plus
‘‘(2) the portion of the discount on the obliga-
tion attributable to periods before the beginning of
such month (as determined under the principles of
section 1272(a) of the Internal Revenue Code of
1986 without regard to any exceptions contained in
paragraph (2) of such section).
‘‘(d) The provisions of this title may be waived by
law—
‘‘(1) for any fiscal year in which a declaration
of war is in effect; or
‘‘(2) for the budget year and the next fiscal
year, if real economic growth has been negative for
two consecutive calendar quarters.
‘‘(e) For purposes of this section:
‘‘(1) The term ‘publicly-held obligation’ means
any obligation subject to the public debt limit estab-
lished under section 3101, except any obligation
issued under this chapter directly to a Federal fund.
‘‘(2) The term ‘Federal fund’ means any Fed-
eral trust fund or Government account established
pursuant to Federal law to which the Secretary of
the Treasury has issued or is expressly authorized
by law directly to issue obligations under this chap-
ter in respect of public money, money otherwise re-
quired to be deposited in the Treasury, or amounts
appropriated.’’.
(b) CONFORMING AMENDMENT.—The chapter analy-
sis of subchapter I of chapter 31 of title 31, United States
Code, is amended by adding at the end the following new
item:
‘‘3114. Limits on publicly held debt.’’.
SEC. 3. REMOVING SOCIAL SECURITY FROM BUDGET SUR-
PLUS/DEFICIT PRONOUNCEMENTS.
(a) SURPLUS
OR DEFICIT TOTALS.—Any official
statement issued by the Office of Management and Budget
or by the Congressional Budget Office of surplus or deficit
totals of the budget of the United States Government as
submitted by the President or of the surplus or deficit to-
tals 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, shall exclude the
receipts and disbursements totals of the old-age, survivors,
and disability insurance program under title II of the So-
cial Security Act (including the Federal Old-Age and Sur-
vivors Insurance Trust Fund and the Federal Disability
Insurance Trust Fund) and the related provisions of the
Internal Revenue Code of 1986.
(b) PRESENTATION OF BUDGETARY AGGREGATES.—
For purposes of chapter 11 of title 31 of the United States
Code or the Congressional Budget Act of 1974, tables and
other displays of budgetary aggregates for the United
States Government of the Director of the Office of Man-
agement and Budget or the Director of the Congressional
Budget Office shall not include receipts or disbursements
referred to in subsection (a).
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