American Debt Repayment Act - Prohibits budgeted outlays from exceeding budgeted revenues, beginning with FY 2000.
Requires, beginning with FY 2000, that actual revenues exceed actual outlays in order to provide for the reduction of the gross Federal debt. Requires the amount of reduction to be equal to the amount required to amortize the debt over the next 30 years in order to repay the entire debt by the end of FY 2029.
Authorizes a congressional waiver of this Act when a declaration of war is in effect.
Prohibits a bill to increase revenues from being deemed to pass the House of Representatives or the Senate unless approved by a majority roll call vote of both Houses.
Directs the Congress to review actual revenues on a quarterly basis and adjust outlays to comply with this Act.
Introduced in House
Introduced in House
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsor introductory remarks on measure. (CR E1299)
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