In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Water Technology Acceleration Act of 
2016''.

SEC. 2. INNOVATION IN CLEAN WATER STATE REVOLVING FUNDS.

    (a) Innovative Water Technologies.--Section 603 of the Federal 
Water Pollution Control Act (33 U.S.C. 1383) is amended--
            (1) in subsection (c)--
                    (A) in paragraph (10), by striking ``and'' at the 
                end;
                    (B) in paragraph (11)(B), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(12) for the deployment of innovative water technologies, 
        including--
                    ``(A) green technologies, including manufactured 
                technology and natural systems, to address nonpoint 
                source pollution from agriculture;
                    ``(B) resource recovery in water and wastewater 
                treatment systems, including--
                            ``(i) energy conservation and production;
                            ``(ii) water reuse and recycling; and
                            ``(iii) recovery of valuable materials, 
                        such as nutrients from wastewater streams; and
                    ``(C) green infrastructure and other innovative 
                technologies, such as real-time system monitoring and 
                peak wet weather treatment technology, to reduce sewer 
                and storm water overflows due to wet weather events in 
                urban areas.''; and
            (2) by adding at the end the following:
    ``(j) Technical Assistance.--The Administrator shall carry out 
technical assistance programs to facilitate and encourage the provision 
of financial assistance for the purposes described in subsection 
(c)(12).
    ``(k) Report.--Each year, the Administrator shall submit to 
Congress a report that describes--
            ``(1) the amount of financial assistance provided by State 
        water pollution control revolving funds to deploy innovative 
        water technologies;
            ``(2) the barriers impacting greater use of innovative 
        water technologies; and
            ``(3) the cost-saving potential to cities and future 
        infrastructure investments from emerging technologies.''.
    (b) Authorization of Appropriations.--Section 607 of the Federal 
Water Pollution Control Act (33 U.S.C. 1387) is amended--
            (1) by redesignating paragraphs (1) through (5) as 
        subparagraphs (A) through (E), respectively, and indenting 
        appropriately;
            (2) in the matter preceding subparagraph (A) (as so 
        redesignated), by striking ``There is'' and inserting the 
        following:
            ``(1) In general.--There are''; and
            (3) by adding at the end the following:
            ``(2) Innovative water technologies.--In addition to any 
        other funds made available to carry out this title and 
        notwithstanding any other provision of this Act, there is 
        authorized to be appropriated to the Administrator to make 
        additional allotments under this title to States to provide 
        financial assistance solely for purposes described in section 
        603(c)(12) $100,000,000 for each fiscal year.''.

SEC. 3. INNOVATION IN DRINKING WATER STATE REVOLVING FUNDS.

    Section 1452 of the Safe Drinking Water Act (42 U.S.C. 300j-12) is 
amended--
            (1) in subsection (a)(2)--
                    (A) in the first sentence--
                            (i) by striking ``only''; and
                            (ii) by striking ``Except'' and inserting 
                        the following:
                    ``(A) In general.--Except'';
                    (B) in the second sentence, by striking 
                ``Financial'' and inserting the following:
                    ``(B) Financial assistance.--Financial'';
                    (C) in the third sentence, by striking ``The 
                funds'' and inserting the following:
                    ``(C) Loans to public water systems.--The funds'';
                    (D) in the fourth sentence, by striking ``The 
                funds'' and inserting the following:
                    ``(D) Innovative water technologies.--The funds may 
                be used for the deployment of innovative water 
                technologies, including technologies to improve water 
                quality and technologies to improve real-time water 
                quality information of water users.
                    ``(E) Limitation.--The funds''; and
                    (E) in the fifth sentence, by striking ``Of the 
                amount'' and inserting the following:
                    ``(F) Public water systems serving fewer than 
                10,000 persons.--Of the amount'';
            (2) in subsection (f)--
                    (A) in paragraph (4), by striking ``and'' at the 
                end;
                    (B) in paragraph (5), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(6) for the deployment of innovative water technologies, 
        including technologies to improve water quality and 
        technologies to improve real-time water quality information of 
        water users.'';
            (3) by striking subsection (m) and inserting the following:
    ``(m) Authorization of Appropriations.--In addition to any other 
funds made available to carry out this section and notwithstanding any 
other provision of this Act, there is authorized to be appropriated to 
the Administrator to make additional allotments under this section to 
States to provide financial assistance solely for the deployment of 
innovative water technologies, including technologies to improve water 
quality and technologies to improve real-time water quality information 
of water users, $100,000,000 for each fiscal year.''; and
            (4) by adding at the end the following:
    ``(s) Technical Assistance.--The Administrator shall carry out 
technical assistance programs to facilitate and encourage the provision 
of financial assistance for the deployment of innovative water 
technologies, including technologies to improve water quality and 
technologies to improve real-time water quality information of water 
users.
    ``(t) Report.--Each year, the Administrator shall submit to 
Congress a report that describes--
            ``(1) the amount of financial assistance provided by State 
        drinking water revolving funds to deploy innovative water 
        technologies;
            ``(2) the barriers impacting greater use of innovative 
        water technologies; and
            ``(3) the cost-saving potential to cities and future 
        infrastructure investments from emerging technologies.''.

SEC. 4. INNOVATIVE WATER TECHNOLOGY GRANT PROGRAM.

    (a) Definitions.--In this section:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of the Environmental Protection Agency.
            (2) Eligible entity.--The term ``eligible entity'' means--
                    (A) a public utility, including publicly owned 
                treatment works and clean water systems;
                    (B) a municipality;
                    (C) a private entity, including a farmer or 
                manufacturer;
                    (D) an institution of higher education;
                    (E) a research institution or foundation;
                    (F) a State;
                    (G) a regional organization; or
                    (H) a nonprofit organization.
    (b) Grant Program Authorized.--The Administrator shall carry out a 
grant program for purposes described in subsection (c) to accelerate 
the development of innovative water technologies that address pressing 
water challenges.
    (c) Grants.--In carrying out the program under subsection (b), the 
Administrator shall make to eligible entities grants that--
            (1) finance projects that--
                    (A) are public-private partnerships; and
                    (B) deploy, test, and improve emerging water 
                technologies;
            (2) fund entities that provide technical assistance to 
        deploy innovative water technologies more broadly, especially--
                    (A) to increase adoption of innovative water 
                technologies in--
                            (i) municipal water and wastewater 
                        treatment systems; or
                            (ii) areas served by private wells; and
                    (B) in a manner that reduces ratepayer or community 
                costs over time, including the cost of future capital 
                investments; or
            (3) specifically target investments that, as determined by 
        the Administrator--
                    (A) improve water quality of a water source;
                    (B) improve water quality through the improvement 
                of the safety and security of a drinking water delivery 
                system;
                    (C) minimize contamination of drinking water, 
                including contamination by lead, bacteria, and 
                nitrates;
                    (D) improve the quality and timeliness and decrease 
                the cost of drinking water tests, especially 
                technologies that can be deployed within water systems 
                and at individual faucets to provide accurate real-time 
                tests of water quality, especially with respect to 
                lead, bacteria, and nitrate content;
                    (E) treat edge-of-field runoff to improve water 
                quality;
                    (F) treat agricultural, municipal, and industrial 
                wastewater;
                    (G) manage urban storm water runoff;
                    (H) conserve water; or
                    (I) address urgent water quality and human health 
                needs.
    (d) Priority Funding.--In making grants under this section, the 
Administrator shall give priority to projects that have the potential--
            (1) to provide substantial cost savings across a sector 
        (such as municipal or agricultural waste treatment); or
            (2) to significantly improve human health or the 
        environment.
    (e) Cost-Sharing.--The Federal share of the cost of activities 
carried out using a grant made under this section shall be not more 
than 70 percent.
    (f) Limitation.--The maximum amount of a grant provided to a 
project under this section shall be $5,000,000.
    (g) Report.--Each year, the Administrator shall submit to Congress 
and make publicly available on the website of the Administrator a 
report that describes any advancements during the previous year in 
development of innovative water technologies made as a result of 
funding provided under this section.
    (h) Funding.--There is authorized to be appropriated to carry out 
this section $50,000,000 for each fiscal year.
[EX A]: Water Technology Acceleration Act of 2016 This bill amends the Federal Water Pollution Control Act and the Safe Drinking Water Act to accelerate the testing, deployment, and commercialization of innovative water technologies.  The Environmental Protection Agency (EPA)must evaluate the barriers impacting greater use of innovative water technology and provide technical assistance to facilitate financial assistance tohelp communities use new technology.The new technology is designed to help communities address wastewater, storm runoff, and drinking water challenges. Additionally, the EPA must carry out a grant program to accelerate the testing and deployment of innovative water technologies that address water challenges. Priority funding must be given to projects that have the potential to: (1)provide substantial cost savings across a sector, or (2)significantly improve human health or the environment.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National High Performance Passenger 
Rail Transportation-Oriented Development Act of 2012''.

SEC. 2. TRANSPORTATION-ORIENTED DEVELOPMENT INITIATIVE.

    (a) Establishment.--The Secretary of Transportation (in this Act 
referred to as the ``Secretary'') shall establish an initiative to 
promote passenger rail operations and transportation-oriented 
development by creating incentives for communities to encourage 
dedicated revenue sources for urban and regional rail corridor 
development.
    (b) Implementation.--The Secretary shall appoint a Planning 
Developer to oversee implementation of this initiative. The Planning 
Developer shall report to the Secretary.
    (c) Coordinating Committee.--The Secretary shall harmonize planning 
requirements and direct coordination and administration of the 
initiative between the Federal Railroad Administration and the Federal 
Transit Administration. The Secretary shall appoint a Transportation-
Oriented Development Coordinating Committee composed of the Planning 
Developer as Chair, the Administrator of the Federal Railroad 
Administration, and the Administrator of the Federal Transit 
Administration.

SEC. 3. FEDERAL INCENTIVES.

    (a) Qualified Projects.--
            (1) Criteria.--The Secretary shall establish criteria for 
        the designation of projects qualified for Federal incentives 
        pursuant to this section and the amendments made by this 
        section.
            (2) Types of projects that may qualify.--Projects that may 
        qualify for Federal incentives pursuant to this section and the 
        amendments made by this section are those that contribute to 
        the generation of revenue by the capture of increasing value 
        from development around station areas, as defined by the 
        Secretary, which are likely to make long-term contributions to 
        rail corridor development funds or similar mechanisms that help 
        finance intercity and urban passenger rail infrastructure or 
        operating expenses. Such commercial development or other 
        projects designated as qualified by the Secretary may generate 
        revenue for transportation-oriented development and rail 
        operations in the region by increasing the tax base, promoting 
        job growth, promoting cost effectiveness, facilitating 
        intermodal connectivity, combining congestion relief with 
        station development, stimulating economic development, or any 
        other appropriate means. The capture of increased value shall 
        be through the establishment of special assessment districts or 
        similar mechanisms, and distribution of revenues shall be 
        through rail corridor development funds or similar mechanisms 
        established within the regions.
            (3) Designated coordinating authority.--The Secretary shall 
        designate a State authority, or regional commission in 
        appropriate regions of the country as defined by the Secretary, 
        that petitions the Secretary to participate in the initiative 
        established under section 2. Such designated entity shall 
        provide for coordination among stakeholders, local governments, 
        and private developers in the defined region, and shall endorse 
        each project of, and be the lead party in, an application for 
        Federal incentives pursuant to this section and the amendments 
        made by this section.
    (b) Railroad Rehabilitation Improvement Financing.--Section 502 of 
the Railroad Revitalization and Regulatory Reform Act of 1976 (45 
U.S.C. 822) is amended--
            (1) in subsection (a)--
                    (A) by striking ``and'' at the end of paragraph 
                (5);
                    (B) by striking the period at the end of paragraph 
                (6) and inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(7) persons conducting a qualified project (as defined in 
        section 8 of the National High Performance Passenger Rail 
        Transportation-Oriented Development Act of 2012).''; and
            (2) in subsection (b)(1)--
                    (A) by striking ``and'' at the end of subparagraph 
                (B);
                    (B) by striking the period at the end of 
                subparagraph (C) and inserting ``; or''; and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(D) conduct a qualified project (as defined by 
                the Secretary under section 3 of the National High 
                Performance Passenger Rail Transportation-Oriented 
                Development Act of 2012.''.
    (c) Transportation Infrastructure Finance.--Section 601(a)(8) of 
title 23, United States Code, is amended--
            (1) by striking ``and'' at the end of subparagraph (C);
            (2) by striking the period at the end of subparagraph (D) 
        and inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(E) a qualified project (as defined by the 
                Secretary under section 3 of the National High 
                Performance Passenger Rail Transportation-Oriented 
                Development Act of 2012).''.
    (d) Application Priority.--In general, Federal applications to the 
Federal Railroad Administration and Federal Transit Administration for 
railroad projects that participate in the transportation-oriented 
development program under this Act shall receive a priority for funding 
in the application decision process.
    (e) Administrative Costs.--For administrative costs to carry out 
this Act, including contracting with and support for the Planning 
Developer and transportation-oriented development initial 
administrative costs of the Federal Railroad Administration and Federal 
Transit Administration for the first 5 years, the Secretary may use 
such funds as necessary which are appropriated for carrying out chapter 
6 of title 23, United States Code.
    (f) Revenue Neutral Program Cost.--The Secretary may establish a 
mechanism whereby amounts used under subsection (e) will be repaid to 
the Secretary for use in carrying out chapter 6 of title 23, United 
States Code. Repayment shall be derived from a small fee to all 
recipients of funding provided under subsection (e). The repayment 
shall commence upon substantial completion of qualified projects.

SEC. 4. TECHNICAL ASSISTANCE.

    (a) National Technical Assistance.--The program established under 
this Act shall provide technical assistance to the States with respect 
to--
            (1) identification of transportation-oriented development 
        opportunities;
            (2) establishment of special assessment districts in 
        regions;
            (3) establishment of rail corridor development funds; and
            (4) expediting Federal, State, and local regulatory 
        approvals.
    (b) States and Regions Outside the Northeast Corridor.--The 
Secretary, through the initiative established by this Act, shall 
provide technical assistance to the States and regions outside the 
Northeast Corridor as identified by the Secretary, and shall provide--
            (1) technical assistance on the establishment of Regional 
        Advisory Committees appropriate to carrying out the purposes of 
        this Act at the regional level; and
            (2) technical assistance at the request of a State or 
        qualified entity provided by the Planning Developer that will 
        identify stations and potential stations within a given region, 
        and conduct a preliminary survey of property available and 
        potentially available, to maximize development and commercial 
        revenue generation to financially support the development of a 
        high performance rail passenger corridor.
    (c) Northeast Corridor.--The Secretary, through the initiative 
established under this Act, shall provide technical assistance to the 
States and entities along the Northeast Corridor as identified by the 
Secretary--
            (1) on the establishment, by the Northeast Corridor 
        Infrastructure and Operations Advisory Commission established 
        under section 24905 of title 49, United States Code, of a 
        Northeast Corridor Transportation-Oriented Development Working 
        Group, which shall--
                    (A) include outside members with expertise in 
                transportation-oriented development;
                    (B) be chaired by the Planning Developer; and
                    (C) advise the Secretary and the Northeast Corridor 
                Infrastructure and Operations Advisory Commission on 
                the ways and means for carrying out the purposes of 
                this Act at the regional level; and
            (2) technical assistance provided by the Planning Developer 
        to the Secretary and identified States and entities, not more 
        than one year after the date of enactment of this Act, that 
        will identify Northeast Corridor stations and potential 
        stations, and conduct a preliminary survey of property 
        available and potentially available, to maximize development 
        and commercial revenue generation to financially support the 
        creation of a true high-speed rail corridor in the Northeast 
        Corridor.
[EX A]: National High Performance Passenger Rail Transportation-Oriented Development Act of 2012 - Directs the Secretary of Transportation (DOT) to establish an initiative to promote passenger rail operations and transportation-oriented development by creating rail projects qualified for federal incentives for communities to encourage dedicated revenue sources for urban and regional rail corridor development.

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to direct the Secretary to provide direct loans and loan guarantees for qualified rail projects. Authorizes the Secretary to make secured loans, loan guarantees, or lines of credit for such projects.

Directs the Secretary to provide technical assistance to: (1) states to identify transportation-oriented development opportunities, (2) states and regions outside the Northeast Corridor to establish Regional Advisory Committees and identify stations and potential stations within the region to maximize development and commercial revenue generation to support financially the development of a high performance rail passenger corridor, and (3) states and entities along the Northeast Corridor to establish a Northeast Corridor Transportation-Oriented Development Working Group and identify Northeast Corridor stations and potential stations to maximize development and commercial revenue generation to support financially the creation of a true high-speed rail corridor in the Northeast Corridor.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pay It Back Act''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the Congressional Budget Office estimates that the 
        deficit for this fiscal year will reach $1.6 trillion or 11 
        percent of the Gross Domestic Product;
            (2) this deficit represents the largest relative deficit 
        since the end of World War II;
            (3) the Congressional Budget Office estimates that the 
        fiscal year 2010 deficit will reach $1.4 trillion; and
            (4) given the choice between forcing our children to pay 
        for the national debt and requiring banks and other 
        beneficiaries of the goodwill of the taxpayer to make a down 
        payment now, we choose to help our kids.

SEC. 3. AMENDMENT TO TARP AUTHORIZATION.

    Section 115(a)(3) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5225(a)(3)) is amended by striking ``outstanding at any 
one time'' and inserting ``, in the aggregate (or such higher amount, 
in the aggregate, as has been obligated or expended under this Act as 
of the date of enactment of the Pay It Back Act)''.

SEC. 4. REPORT.

    Section 106 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5216) is amended by inserting at the end the following:
    ``(f) Report.--The Secretary of the Treasury shall report to 
Congress every 6 months on amounts received and transferred to the 
general fund under subsection (d).''.

SEC. 5. AMENDMENTS TO HOUSING AND ECONOMIC RECOVERY ACT OF 2008.

    (a) Sale of Fannie Mae Obligations and Securities by the Treasury; 
Deficit Reduction.--Section 304(g)(2) of the Federal National Mortgage 
Association Charter Act (12 U.S.C. 1719(g)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation or security 
                        acquired by the Secretary under this 
                        subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (b) Sale of Freddie Mac Obligations and Securities by the Treasury; 
Deficit Reduction.--Section 306(l)(2) of the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1455(l)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation or security 
                        acquired by the Secretary under this 
                        subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (c) Sale of Federal Home Loan Banks Obligations by the Treasury; 
Deficit Reduction.--Section 11(l)(2) of the Federal Home Loan Bank Act 
(12 U.S.C. 1431(l)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation acquired by the 
                        Secretary under this subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (d) Repayment of Fees.--Any periodic commitment fee or any other 
fee or assessment paid by the Federal National Mortgage Association or 
Federal Home Loan Mortgage Corporation to the Secretary of the Treasury 
as a result of any preferred stock purchase agreement, mortgage-backed 
security purchase program, or any other program or activity authorized 
or carried out pursuant to the authorities granted to the Secretary of 
the Treasury under the amendments made by section 1117 of the Housing 
and Economic Recovery Act of 2008 (Public Law 110-289; 122 Stat. 2683), 
including any fee agreed to by contract between the Secretary and the 
Association or Corporation, shall be deposited in the General Fund of 
the Treasury where such amounts shall be--
            (1) dedicated for the sole purpose of deficit reduction; 
        and
            (2) prohibited from use as an offset for other spending 
        increases or revenue reductions.

SEC. 6. FEDERAL HOUSING FINANCE AGENCY REPORT.

    The Director of the Federal Housing Finance Agency shall submit to 
Congress a report on the plans of the Agency to continue to support and 
maintain the Nation's vital housing industry, while at the same time 
guaranteeing that the American taxpayer will not suffer unnecessary 
losses.

SEC. 7. REPAYMENT OF UNOBLIGATED ARRA FUNDS.

    (a) Rejection of ARRA Funds by State.--Section 1607 of division A 
of the American Recovery and Reinvestment Act of 2009 (Public Law 111-
5; 123 Stat. 303) is amended by adding at the end the following:
    ``(d) Statewide Rejection of Funds.--If funds provided to any State 
in any division of this Act are not accepted for use by the Governor of 
the State pursuant to subsection (a) or by the State legislature 
pursuant to subsection (b), then all such funds shall be--
            ``(1) rescinded; and
            ``(2) deposited in the General Fund of the Treasury, where 
        such amounts shall be--
                    ``(A) dedicated for the sole purpose of deficit 
                reduction; and
                    ``(B) prohibited from use as an offset for other 
                spending increases or revenue reductions.''.
    (b) Withdrawal or Recapture of Unobligated Funds.--Title XVI of 
division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5; 123 Stat. 302) is amended by adding at the end the 
following:

             ``withdrawal or recapture of unobligated funds

    ``Sec. 1613. Notwithstanding any other provision of this Act, if 
the head of any executive agency withdraws or recaptures for any reason 
funds appropriated or otherwise made available under this division, and 
such funds have not been obligated by a State to a local government or 
for a specific project, such recaptured funds shall be--
            ``(1) rescinded; and
            ``(2) deposited in the General Fund of the Treasury, where 
        such amounts shall be--
                    ``(A) dedicated for the sole purpose of deficit 
                reduction; and
                    ``(B) prohibited from use as an offset for other 
                spending increases or revenue reductions.''.
    (c) Return of Unobligated Funds by End of 2012.--Section 1603 of 
division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5; 123 Stat. 302) is amended--
            (1) by striking ``All funds'' and inserting ``(a) In 
        General.--All funds''; and
            (2) by adding at the end the following:
    ``(b) Repayment of Unobligated Funds.--Any discretionary 
appropriations made available in this division that have not been 
obligated as of December 31, 2012, are hereby rescinded, and such 
amounts shall be deposited in the General Fund of the Treasury, where 
such amounts shall be--
            ``(1) dedicated for the sole purpose of deficit reduction; 
        and
            ``(2) prohibited from use as an offset for other spending 
        increases or revenue reductions.
    ``(c) Presidential Waiver Authority.--
            ``(1) In general.--The President may waive the requirements 
        under subsection (b), if the President determines that it is 
        not in the best interest of the Nation to rescind a specific 
        unobligated amount after December 31, 2012.
            ``(2) Requests.--The head of an executive agency may also 
        apply to the President for a waiver from the requirements under 
        subsection (b).''.

SEC. 8. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    Section 3101 of title 31, United States Code, is amended--
            (1) in subsection (b), by inserting ``minus the aggregate 
        amounts described in subsection (d)'' before ``, outstanding at 
        one time''; and
            (2) by adding at the end the following:
    ``(d) Amounts described in this subsection are any amounts received 
by the Secretary of the Treasury pursuant to--
            ``(1) section 106(d) of the Emergency Economic 
        Stabilization Act of 2008 before, on, or after the date of 
        enactment of this subsection; and
            ``(2) section 304(g) of the Federal National Mortgage 
        Association Charter Act (12 U.S.C. 1719(g)), section 306(l) of 
        the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
        1455(l)), section 11(l) of the Federal Home Loan Bank Act (12 
        U.S.C. 1431(l)), section 1607(d) of division A of the American 
        Recovery and Reinvestment Act of 2009 (Public Law 111-5), 
        section 1613 of division A of the American Recovery and 
        Reinvestment Act of 2009 (Public Law 111-5), and sections 5(d) 
        and 7(c) of the Pay It Back Act after the date of enactment of 
        this subsection.''.
[EX A]:
Pay It Back Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to revise the limitation on the authority of the Secretary of the Treasury to purchase troubled assets under the Troubled Asset Relief Program (TARP) to $700 billion outstanding at any one time. Changes the maximum authority to $700 billion, in the aggregate, or such higher amount, in the aggregate, as has been obligated or expended under TARP as of the enactment of this Act.

Requires the Secretary to report to Congress every six months on transfer to the Treasury's General Fund for reduction of the public debt of revenues of, and proceeds from the sale of troubled assets purchased under TARP, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under TARP.

Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Federal Home Loan Bank Act to require the Secretary to deposit in the Treasury solely for debt reduction any amounts received by the Secretary for the sale of any obligation or security acquired from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a Federal Home Loan Bank for secondary market operations. Prohibits the use of any such amounts as an offset for other spending increases or revenue reductions.

Requires deposit in the Treasury solely for debt reduction of any periodic commitment fee or any other fee or assessment paid to the Secretary by Fannie Mae or Freddie Mac as a result of any preferred stock purchase agreement, mortgage-backed security purchase program, or any other program or activity under the Housing and Economic Recovery Act of 2008.

Requires the Director of the Federal Housing Finance Agency (FHFA) to report to Congress on FHFA plans to continue to support and maintain the nation's vital housing industry, while at the same time guaranteeing that the American taxpayer will not suffer unnecessary losses.

Amends the American Recovery and Reinvestment Act of 2009 (ARRA) to require: (1) rescission of any ARRA (stimulus) funds offered to but not accepted by the governor or legislature of a state; and (2) their deposit in the Treasury solely for debt reduction. Requires the same treatment for any funds withdrawn or recaptured by an executive agency head which have not been obligated by a state to a local government or for a specific project.

Rescinds for deposit in the Treasury solely for debt reduction specified discretionary appropriations that have not been obligated as of December 31, 2012.

Lowers the statutory limit on the public debt by the amounts the Secretary receives under this Act for deposit in the Treasury solely for debt reduction.