text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Debt Relief Reconciliation Act for 
  Fiscal Year 2001''.
  
  SEC. 2. FINDINGS AND PURPOSE.
  
      (a) Findings.--The Congress finds that--
              (1) fiscal discipline, resulting from the Balanced Budget 
          Act of 1997, and strong economic growth have ended decades of 
          deficit spending and have produced budget surpluses without 
          using the social security surplus;
              (2) fiscal pressures will mount in the future as the aging 
          of the population increases budget obligations;
              (3) until Congress and the President agree to legislation 
          that strengthens Social Security, the social security surplus 
          should be used to reduce the debt held by the public;
              (4) strengthening the Government's fiscal position through 
          public debt reduction increases national savings, promotes 
          economic growth, reduces interest costs, and is a constructive 
          way to prepare for the Government's future budget obligations; 
          and
              (5) it is fiscally responsible and in the long-term 
          national economic interest to use a portion of the nonsocial 
          security surplus to reduce the debt held by the public.
      (b) Purpose.--It is the purpose of this Act to--
              (1) reduce the debt held by the public with the goal of 
          eliminating this debt by 2013; and
              (2) decrease the statutory limit on the public debt.
  
  SEC. 3. ESTABLISHMENT OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.
  
      (a) In General.--Subchapter I of chapter 31 of title 31, United 
  States Code, is amended by adding at the end the following new section:
  ``Sec. 3114. Public debt reduction payment account
      ``(a) There is established in the Treasury of the United States an 
  account to be known as the Public Debt Reduction Payment Account 
  (hereinafter in this section referred to as the `account').
      ``(b) The Secretary of the Treasury shall use amounts in the 
  account to pay at maturity, or to redeem or buy before maturity, any 
  obligation of the Government held by the public and included in the 
  public debt. Any obligation which is paid, redeemed, or bought with 
  amounts from the account shall be canceled and retired and may not be 
  reissued. Amounts deposited in the account are appropriated and may 
  only be expended to carry out this section.
      ``(c) There is hereby appropriated into the account on October 1, 
  2000, or the date of enactment of this Act, whichever is later, out of 
  any money in the Treasury not otherwise appropriated, $25,000,000,000 
  for the fiscal year ending September 30, 2001. The funds appropriated 
  to this account shall remain available until expended.
      ``(d) The appropriation made under subsection (c) shall not be 
  considered direct spending for purposes of section 252 of Balanced 
  Budget and Emergency Deficit Control Act of 1985.
      ``(e) Establishment of and appropriations to the account shall not 
  affect trust fund transfers that may be authorized under any other 
  provision of law.
      ``(f) The Secretary of the Treasury and the Director of the Office 
  of Management and Budget shall each take such actions as may be 
  necessary to promptly carry out this section in accordance with sound 
  debt management policies.
      ``(g) Reducing the debt pursuant to this section shall not 
  interfere with the debt management policies or goals of the Secretary 
  of the Treasury.''.
      (b) Conforming Amendment.--The chapter analysis for chapter 31 of 
  title 31, United States Code, is amended by inserting after the item 
  relating to section 3113 the following:
  
  ``3114. Public debt reduction payment account.''.
  
  SEC. 4. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.
  
      Section 3101(b) of title 31, United States Code, is amended by 
  inserting ``minus the amount appropriated into the Public Debt 
  Reduction Payment Account pursuant to section 3114(c)'' after 
  ``$5,950,000,000,000''.
  
  SEC. 5. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.
  
      Notwithstanding any other provision of law, the receipts and 
  disbursements of the Public Debt Reduction Payment Account established 
  by section 3114 of title 31, United States Code, shall not be counted 
  as new budget authority, outlays, receipts, or deficit or surplus for 
  purposes of--
              (1) the budget of the United States Government as submitted 
          by the President;
              (2) the congressional budget; or
              (3) the Balanced Budget and Emergency Deficit Control Act 
          of 1985.
  
  SEC. 6. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM BUDGET 
                PRONOUNCEMENTS.
  
      (a) In General.--Any official statement issued by the Office of 
  Management and Budget, the Congressional Budget Office, or any other 
  agency or instrumentality of the Federal Government of surplus or 
  deficit totals of the budget of the United States Government as 
  submitted by the President or of the surplus or deficit totals of the 
  congressional budget, and any description of, or reference to, such 
  totals in any official publication or material issued by either of such 
  Offices or any other such agency or instrumentality, shall exclude the 
  outlays and receipts of the Public Debt Reduction Payment Account 
  established by section 3114 of title 31, United States Code.
      (b) Separate Public Debt Reduction Payment Account Budget 
  Documents.--The excluded outlays and receipts of the Public Debt 
  Reduction Payment Account established by section 3114 of title 31, 
  United States Code, shall be submitted in separate budget documents.
  
  SEC. 7. REPORTS TO CONGRESS.
  
      (a) Reports of the Secretary of the Treasury.--(1) Within 30 days 
  after the appropriation is deposited into the Public Debt Reduction 
  Payment Account under section 3114 of title 31, United States Code, the 
  Secretary of the Treasury shall submit a report to the Committee on 
  Ways and Means of the House of Representatives and the Committee on 
  Finance of the Senate confirming that such account has been established 
  and the amount and date of such deposit. Such report shall also include 
  a description of the Secretary's plan for using such money to reduce 
  debt held by the public.
      (2) Not later than October 31, 2002, the Secretary of the Treasury 
  shall submit a report to the Committee on Ways and Means of the House 
  of Representatives and the Committee on Finance of the Senate setting 
  forth the amount of money deposited into the Public Debt Reduction 
  Payment Account, the amount of debt held by the public that was 
  reduced, and a description of the actual debt instruments that were 
  redeemed with such money.
      (b) Report of the Comptroller General of the United States.--Not 
  later than November 15, 2002, the Comptroller General of the United 
  States shall submit a report to the Committee on Ways and Means of the 
  House of Representatives and the Committee on Finance of the Senate 
  verifying all of the information set forth in the reports submitted 
  under subsection (a).
  
              Passed the House of Representatives July 18, 2000.
  
              Attest:
  
  
  
                                                   JEFF TRANDAHL,
  
                                                                   Clerk.
target: Appropriates funds for the Account. Prohibits such appropriation from being considered as direct spending for purposes of pay-as-you-go provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).Reduces the public debt limit by the amount appropriated into the Account.Bars Account receipts and disbursements from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of : (1) the Federal Government budget as submitted by the President; (2) the congressional budget; or (3) the Gramm-Rudman-Hollings Act.Requires the Secretary to report to specified congressional committees on the Account.
feat_title: Debt Relief Reconciliation Act for Fiscal Year 2001