Federal Debt Reduction Incentive Profit Sharing Pay Raise Commission Reform Act of 1979

Federal Debt Reduction Incentive - Profit Sharing - Pay Raise Commission Reform Act of 1979 - Provides that salaries of Members of Congress shall be $42,500 per year plus a commission of $1,000 a year for each $1,000,000,000 of Federal annual budget surplus applied to retirement of the national debt during the preceding fiscal year. Stipulates that such annual salary shall not exceed $48,825. Establishes a ceiling on annual salaries of the Speaker and floor leaders of $70,000 and $60,000, respectively.