Pay Down the Debt Act
This bill rescinds appropriations that are provided for grants that are not accepted by a state or local government. The rescinded funds must be deposited in the Treasury and used for deficit reduction.
To rescind amounts appropriated for grants that are not accepted by a 
  State or local government and use the amounts for deficit reduction.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pay Down the Debt Act''.

SEC. 2. RESCISSION OF GRANT FUNDS NOT ACCEPTED BY STATES AND LOCAL 
              GOVERNMENTS.

    (a) In General.--If a State or local government does not accept 
amounts that are to be awarded to the State or local government under a 
grant from the Federal Government, an amount equal to the amount to be 
awarded to the State or local government shall be rescinded from the 
applicable appropriation account.
    (b) Use for Deficit Reduction.--Amounts rescinded under subsection 
(a) shall be deposited in the general fund of the Treasury for the sole 
purpose of deficit reduction.
                                 <all>
Pay Down the Debt Act
A bill to rescind amounts appropriated for grants that are not accepted by a State or local government and use the amounts for deficit reduction.
Pay Down the Debt Act
Sen. Lummis, Cynthia M.