A bill to provide a moratorium in which the payment of interest on U.S. obligations will be suspended, to provide that for this period interest-bearing obligations will be refunded with 20-year noninterest-bearing obligations, and to provide that the savings to the United States will be used to reduce the public debt.

Declares a moratorium on the interest accruing on all obligations of the United States.

Authorizes the Secretary of the Treasury to provide for the refunding of all outstanding interest-bearing obligations of the United States when due with twenty-year non-interest-bearing obligations.

Requires an amount equivalent to the amount of the interest saved by the United States as the result of this Act to be used solely for the purpose of reducing the public debt.