Downpayment on the Debt Act of 1999 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide that the purpose of pay-as-you-go provisions is to ensure that legislation (currently, legislation enacted before FY 2002) affecting direct spending or receipts that results in a net budget increase (currently, increases the deficit) will trigger an offsetting sequestration.
Extends pay-as-you-go and other specified provisions through FY 2009.
Defines "budget increase" and "budget decrease" to mean, for purposes of pay-as-you-go provisions, an increase or decrease, respectively, in direct spending outlays or a decrease or increase, respectively, in receipts relative to the baseline.
Requires a sequestration to offset the amount of any net budget (currently, deficit) increase caused by all direct spending and receipts legislation.
Introduced in House
Introduced in House
Referred to the House Committee on the Budget.
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