I 
111TH CONGRESS 
2D SESSION 
H. R. 5008 
To amend the Congressional Budget Act of 1974 to require annual progress 
toward meeting fiscally responsible 5- and 10-year deficit and debt targets. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 13, 2010 
Ms. MARKEY of Colorado (for herself, Mr. BACA, Mr. BERRY, Mr. BOREN, 
Mr. BOYD, Mr. BRIGHT, Mr. CHILDERS, Mr. COOPER, Mr. DAVIS of Ten-
nessee, Ms. GIFFORDS, Ms. HERSETH
SANDLIN, Mr. HILL, Mr. 
KRATOVIL, Mr. MARSHALL, Mr. MATHESON, Mr. MCINTYRE, Mr. 
MELANCON, Mr. MINNICK, Mr. MURPHY of New York, Mr. NYE, Mr. 
ROSS, Mr. SCHIFF, Mr. SCHRADER, Mr. SHULER, Mr. SPACE, Mr. TAN-
NER, and Mr. WILSON of Ohio) introduced the following bill; which was 
referred to the Committee on Rules, and in addition to the Committee 
on the Budget, for a period to be subsequently determined by the Speak-
er, in each case for consideration of such provisions as fall within the ju-
risdiction of the committee concerned 
A BILL 
To amend the Congressional Budget Act of 1974 to require 
annual progress toward meeting fiscally responsible 5- 
and 10-year deficit and debt targets. 
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 ‘‘Targeted Deficit Re-
duction Act of 2010’’. 
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SEC. 2. FINDINGS. 
Congress finds that— 
(1) the Federal deficit in 2009 was more than 
$1.4 trillion, or 9.9 percent of the United States 
gross domestic product (GDP); 
(2) our current deficits are unsustainable: 
under realistic assumptions, the level of public debt 
will double over the next ten years; 
(3) the Federal debt held by the public at the 
end of 2009, as estimated by the Congressional 
Budget Office (CBO), was approximately $7.5 tril-
lion or 53 percent of GDP; 
(4) in a conservative CBO estimate assuming 
tax cuts will expire by 2012, the debt will climb to 
$15 trillion by the end of 2020, or 67 percent of 
GDP; 
(5) other analysts, which take account many 
factors that the CBO does not utilize, estimate that 
by 2020 publicly held debt will be closer to 80 per-
cent of GDP; 
(6) in 2009, payment of interest on the national 
debt was the fourth largest item in the Federal 
budget, reducing funds available to vital programs 
such as education, homeland security, and veterans 
affairs; 
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(7) United States debt held by foreign individ-
uals and nations whose interests are not always com-
patible with United States interests has grown dra-
matically: at the close of 2009 overseas ownership of 
United States securities totaled nearly $3.6 trillion 
and nearly $800 billion was held by China; 
(8) creditors’ willingness to lend to the United 
States is decreasing, which greatly restricts the abil-
ity of the Nation to respond to crises, both foreign 
and domestic; 
(9) a growing debt directly increases inflation, 
further eroding the power of the United States dol-
lar abroad and weakening the economy; 
(10) succeeding generations will face greatly 
lower standards of living because of the fiscal future 
created by prolonged deficit spending; 
(11) international trade has made the United 
States economy the largest in the world, but tight-
ened credit and weakened international standing will 
reduce the Nation’s ability to compete in a global 
marketplace and will restrict the growth of the econ-
omy; 
(12) the United States supplies the Inter-
national Monetary Fund (IMF) with a great deal of 
its funding and is a leader in formulating IMF eco-
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