A bill to provide that the proceeds of the windfall profit tax shall be used to reduce the public debt.

Establishes the Public Debt Retirement Trust Fund in the Treasury of the United States. Appropriates to the Trust Fund amounts received in the Treasury equivalent to any windfall profit taxes imposed on domestic crude oil production. Directs that such amounts be transferred at least monthly from the general fund of the Treasury to the Trust Fund.

Requires that the amounts in the Trust Fund be used only for the payment, purchase, or redemption of any obligations included in the public debt. Directs that all such obligations be canceled and retired and not be reissued.

Repeals provisions of the Crude Oil Windfall Profit Tax Act of 1980 which establish the Windfall Profit Tax Account in the Treasury and direct the allocation of amounts deposited therein.