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

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.''.
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.