Reducing Barack Obama's Unsustainable Deficit Act

Bill: 111-hr-3140
Sponsor: Rep. Price, Tom [R-GA-6]
Introduced: 2009-07-09 in the House
Policy area: Economics and Public Finance
Subjects: Appropriations
Bank accounts, deposits, capital
Broadcasting, cable, digital technologies
Budget deficits and national debt
Computers and information technology
Congressional oversight
Corporate finance and management
Financial crises and stabilization
Health care costs and insurance
Health information and medical records
Health programs administration and funding
Housing finance and home ownership
Intergovernmental relations
Medicaid
Medicare
Securities
State and local finance
Unemployment
Wages and earnings

Summary:
action_date: 2009-07-09
text: 
Reducing Barack Obama's Unsustainable Deficit Act - Rescinds all unobligated balances of the discretionary appropriations made available in division A of the American Recovery and Reinvestment Act of 2009 (ARRA).
 
Repeals subtitles B (Assistance for Vulnerable Individuals) and C (Economic Recovery Payments to Certain Individuals) of title II (the Assistance for Unemployed Workers and Struggling Families Act) and titles III (Premium Assistance for COBRA Benefits), IV (Medicare and Medicaid Health Information Technology; Miscellaneous Medicare Provisions), V (State Fiscal Relief), VI (Broadband Communications), and VII (Limits on Executive Compensation) of division B of ARRA.
 
Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate upon enactment of this Act (currently, December 31, 2009) the Secretary of the Treasury's authority to establish the Troubled Asset Relief Program (TARP) and the program to guarantee troubled assets originated or issued before March 14, 2008, including mortgage-backed securities. Repeals the authorization for a two-year extension of such authority if the Secretary submits a specified certification to Congress.
 
Requires the Secretary, each time a financial institution makes a TARP repayment, to transfer such repayments to the special account established in the Treasury for reducing public debt.


Legislative actions:
action_date: 2009-07-10
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2009-07-10
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2009-07-10
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2009-07-10
text: Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
action_date: 2009-07-10
text: Referred to the Subcommittee on Coast Guard and Maritime Transportation.
action_date: 2009-07-10
text: Referred to the Subcommittee on Aviation.
action_date: 2009-07-10
text: Referred to the Subcommittee on Communications, Technology, and the Internet.
action_date: 2009-07-10
text: Referred to the Subcommittee on Health.
action_date: 2009-07-09
text: Referred to House Veterans' Affairs
action_date: 2009-07-09
text: Referred to House Transportation and Infrastructure
action_date: 2009-07-09
text: Referred to House Ways and Means
action_date: 2009-07-09
text: Referred to House Appropriations
action_date: 2009-07-09
text: Referred to House Energy and Commerce
action_date: 2009-07-09
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, Appropriations, Ways and Means, Transportation and Infrastructure, and Veterans' Affairs, 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.
action_date: 2009-07-09
text: Referred to House Financial Services
action_date: 2009-07-09
text: Introduced in House
action_date: 2009-07-09
text: Introduced in House