H.R.1358 - Returned Exclusively For Unpaid National Debt Act112th Congress (2011-2012)
|Sponsor:||Rep. Rehberg, Denny [R-MT-At Large] (Introduced 04/04/2011)|
|Committees:||House - Appropriations|
|Latest Action:||04/04/2011 Referred to the House Committee on Appropriations. (All Actions)|
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Summary: H.R.1358 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (04/04/2011)
Returned Exclusively For Unpaid National Debt Act or REFUND Act - Rescinds unwanted amounts, as identified by a state from a projected allocation, from any federal funds required to be allocated by formula among all states that agree to use them for a specified purpose.
Prescribes a procedure by which a state legislature may identify a projected federal allocation as unwanted funds.
Requires such rescinded amounts to: (1) be deposited by the Secretary of the Treasury in the special fund account entitled "Gifts to Reduce Debt Held by the Public, Bureau of the Public Debt, Treasury"; and (2) be used to reduce the federal debt.