I
105TH CONGRESS
1ST SESSION
H. R. 2191
To amend the Congressional Budget Act of 1974 regarding procedures for
budget resolutions and to amend title 31, United States Code, to direct
repayment of the public debt.
IN THE HOUSE OF REPRESENTATIVES
JULY 17, 1997
Mr. NEUMANN (for himself, Mr. GINGRICH, Mr. SOLOMON, Mr. LIVINGSTON,
Mr. KASICH, Mr. PAXON, Mr. BALLENGER, Mr. BARTLETT of Maryland,
Mr. BARTON of Texas, Mr. BASS, Mr. BLUNT, Mr. BONO, Mr. BRYANT,
Mr. BURR of North Carolina, Mr. BURTON of Indiana, Mr. CAMPBELL,
Mr. CHABOT, Mrs. CHENOWETH, Mr. CHRISTENSEN, Mr. COBURN, Mr.
CONDIT, Mr. COOKSEY, Mr. CRAPO, Mrs. CUBIN, Mr. DICKEY, Mr. DOO-
LITTLE, Mr. DREIER, Mr. EHRLICH, Mr. ENGLISH of Pennsylvania, Mr.
ENSIGN, Mr. EWING, Mr. FOLEY, Mr. FORBES, Mr. FOX of Pennsylva-
nia, Mr. FRANKS of New Jersey, Mr. GOODE, Mr. GRAHAM, Ms. GRANG-
ER, Mr. GUTKNECHT, Mr. HASTINGS of Washington, Mr. HAYWORTH,
Mr. HERGER, Mr. HILL, Mr. HOBSON, Mr. HOEKSTRA, Mr. HORN, Mr.
HOSTETTLER, Mr. HUNTER, Mr. ISTOOK, Mr. SAM JOHNSON of Texas,
Mr. 
JONES, 
Mr. 
KINGSTON, 
Mr. 
KLUG, 
Mr. 
LARGENT, 
Mr.
LATOURETTE, Mr. LEWIS of Kentucky, Mr. MCINTOSH, Mr. MCKEON,
Mr. MANZULLO, Mr. METCALF, Mr. MINGE, Mrs. MYRICK, Mr.
NETHERCUTT, Mr. NEY, Mr. NUSSLE, Mr. PARKER, Mr. PETERSON of
Pennsylvania, Mr. PICKERING, Mr. PITTS, Mr. RADANOVICH, Mr.
RAMSTAD, Mr. ROHRABACHER, Mr. ROYCE, Mr. RYUN, Mr. SALMON, Mr.
SCARBOROUGH, Mr. BOB SCHAFFER of Colorado, Mr. SHAYS, Mrs.
LINDA SMITH of Washington, Mr. ADAM SMITH of Michigan, Mr.
SNOWBARGER, Mr. SOUDER, Mr. TALENT, Mr. TAUZIN, Mr. TAYLOR of
Mississippi, Mr. THORNBERRY, Mr. THUNE, Mr. TIAHRT, Mr. TRAFI-
CANT, Mr. WAMP, Mr. WATTS of Oklahoma, Mr. WELDON of Florida, Mr.
WELLER, Mr. WHITFIELD, and Mr. WICKER) introduced the following
bill; which was referred to the Committee on the Budget, and in addition
to the Committees on Rules, and Ways and Means, 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 con-
cerned
A BILL
To amend the Congressional Budget Act of 1974 regarding
procedures for budget resolutions and to amend title
31, United States Code, to direct repayment of the public
debt.
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 ‘‘National Debt Repay-
ment Act of 1997’’.
SEC. 2. CONTENT OF CONCURRENT RESOLUTIONS ON THE
BUDGET.
Section 301(a) of the Congressional Budget Act of
1974 is amended by adding at the end the following new
subsection:
‘‘( j) SPECIFIC REQUIREMENT IF BUDGET IS IN SUR-
PLUS.—(1) Beginning with the concurrent resolution on
the budget for the first fiscal year after there is a surplus,
each such resolution shall set forth totals of budget out-
lays and total Federal revenues for the budget year and
each fiscal year contained in resolution such that the an-
nual rate of change in total budget outlays shall be at least
1 percentage point lower than the annual rate of change
in total Federal revenues for each such year.
‘‘(2) Congress may waive paragraph (1)—
‘‘(A) for any fiscal year in which a declaration
of war is in effect;
‘‘(B) for any fiscal year in which the United
States is engaged in military conflict which causes
an imminent and serious military threat to national
security and is so declared by a joint resolution,
adopted by a majority of the whole number of each
House of the Congress, that becomes law; or
‘‘(C) for the budget year and the next fiscal
year, if real economic growth has been negative for
two consecutive calendar quarters.’’.
SEC. 3. PUBLIC DEBT REPAYMENT.
Section 3101 of title 31 of the United States Code
is amended by adding at the end the following new sub-
section:
‘‘(d) The Secretary of the Treasury shall use any
budget surplus for a fiscal year as follows:
‘‘(1) One-third to exchange any special issue
nonmarketable Government bonds in the Federal
Old-Age and Survivors Insurance Trust Fund or the
Federal Disability Insurance Trust Fund with mar-
ketable Government securities.
‘‘(2) One-third to be invested in marketable
Government securities and held in a ‘Tax Cut Offset
Trust Fund’ at the Treasury for use as Congress, by
law, directs to offset future revenue reductions.
‘‘(3) One-third to exchange any special issue
nonmarketable Government securities with market-
able Government securities in the following funds in
the following amounts:
‘‘(A) 90 percent of the one-third amount to
exchange nonmarketable assets in the Highway
Trust Fund,
‘‘(B) 10 percent of the one-third amount to
exchange nonmarketable assets shall be dedi-
cated to the Hazardous Substance Superfund.
‘‘(4) When the Highway Trust Fund and the
Hazardous Substance Superfund no longer hold non-
marketable Government securities, then one-third of
the annual surplus shall be used to exchange any
special issue nonmarketable Government securities
with marketable Government securities in other Gov-
ernment trust funds. When all Government trust
funds no longer hold nonmarketable Government se-
curities, the Secretary of the Treasury shall direct
that one-third of the surplus be used for repayment
of debt held by the public.
‘‘(5) When the Federal Old-Age and Survivors
Insurance Trust Fund or the Federal Disability In-
surance Trust Fund no longer hold nonmarketable
Government securities, the Secretary of the Treas-
ury shall direct that one-third of the surplus be used
for the repayment of debt held by the public.’’.
SEC. 4. BUDGETARY TREATMENT OF GOVERNMENT TRUST
FUNDS.
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law except the Line Item Veto Act of 1996, the
receipts and disbursements of the funds not to exceed an
amount equal to the value of marketable Government se-
curities contained in any trust fund—
(1) shall not be counted as new budget author-
ity, outlays, receipts, or deficit or surplus for pur-
poses of—
(A) the budget of the United States Gov-
ernment as submitted by the President,
(B) the congressional budget (including al-
locations of budget authority and outlays pro-
vided therein), or
(C) the Balanced Budget and Emergency
Deficit Control Act of 1985; and
(2) shall be exempt from any general budget
limitation imposed by statute on expenditures and
net lending (budget outlays) of the United States
Government.