Pay Down the Debt Act

Bill: 117-s-1739
Sponsor: full_name: Sen. Lummis, Cynthia M. [R-WY]
Introduced: 2021-05-20
Policy area: Economics and Public Finance
Subjects: Appropriations

Budget deficits and national debt

State and local finance

State and local government operations
Latest action: action_date: 2021-05-20
text: Read twice and referred to the Committee on Appropriations.

Summaries:
action_date: 2021-05-20
action_desc: Introduced in Senate
text: <p><strong>Pay Down the Debt Act</strong></p> <p>This bill rescinds appropriations that are provided for grants that are not accepted by a state or local government. The rescinded funds must be deposited in the Treasury and used for deficit reduction. </p>

tv_txt: II 117th CONGRESS 1st Session S. 1739 IN THE SENATE OF THE UNITED STATES May 20, 2021 Ms. Lummis (for herself and Mr. Scott of Florida ) introduced the following bill; which was read twice and referred to the Committee on Appropriations A BILL To rescind amounts appropriated for grants that are not accepted by a State or local government and use the amounts for deficit reduction.

1. Short title This Act may be cited as the Pay Down the Debt Act . 2. Rescission of grant funds not accepted by States and local governments (a) In general If a State or local government does not accept amounts that are to be awarded to the State or local government under a grant from the Federal Government, an amount equal to the amount to be awarded to the State or local government shall be rescinded from the applicable appropriation account. (b) Use for deficit reduction Amounts rescinded under subsection (a) shall be deposited in the general fund of the Treasury for the sole purpose of deficit reduction.