H.R.4866 - Debt Relief Reconciliation Act for Fiscal Year 2001106th Congress (1999-2000)
|Sponsor:||Rep. Fletcher, Ernie [R-KY-6] (Introduced 07/17/2000)|
|Committees:||House - Ways and Means; Budget | Senate - Finance|
|Latest Action:||07/19/2000 Received in the Senate and Read twice and referred to the Committee on Finance. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.4866 — 106th Congress (1999-2000)All Bill Information (Except Text)
Debt Relief Reconciliation Act for Fiscal Year 2001 - Amends Federal public finance provisions to establish the Public Debt Reduction Payment Account in the Treasury. Requires the Secretary of the Treasury to use amounts in the Account to pay at maturity, or redeem or buy before maturity, any Government obligation held by the public and included in the public debt. Provides that any obligation which is paid, redeemed, or bought with amounts from the Account shall be canceled and retired and prohibits its reissuance.
Passed House amended (07/18/2000)
Appropriates funds for the Account. Prohibits such appropriation from being considered as direct spending for purposes of pay-as-you-go provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Reduces the public debt limit by the amount appropriated into the Account.
Bars Account receipts and disbursements from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of : (1) the Federal Government budget as submitted by the President; (2) the congressional budget; or (3) the Gramm-Rudman-Hollings Act.
Requires the Secretary to report to specified congressional committees on the Account.