Summary: H.R.3140 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.3140. Bill summaries are authored by CRS.

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Introduced in House (07/09/2009)

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.