U.S. Congress - H.R.146 War on Debt Act of 2011
H.R.146 - War on Debt Act of 2011
To amend title 31, United States Code, to provide for the issuance of War on Debt Bonds. view all titles (2)
All Bill Titles
- Short: War on Debt Act of 2011 as introduced.
- Official: To amend title 31, United States Code, to provide for the issuance of War on Debt Bonds. as introduced.
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Official Summary
1/5/2011--Introduced.War on Debt Act of 2011 - Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "War on Debt Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce otOfficial Summary
1/5/2011--Introduced.War on Debt Act of 2011 - Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "War on Debt Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt. Sets the maturity and redemption date of a War on Debt Bond at 50 years from the date of issue. Requires certain annual principal and interest payments, which shall not be includible in gross income under the Internal Revenue Code. Allows redemption of such a Bond before 50 years if during any fiscal year during which it is outstanding:(1) the federal budget deficit exceeds 3% of gross domestic product (GDP), or
(2) the public debt exceeds 10% of GDP. Limits the holding of a War on Debt Bond to:
(1) U.S. citizens or residents;
(2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or
(3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.
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Recent News Coverage
Dante Acosta: McKeon representing Mammoth, not the SCV
Most shocking, though, is that the provisions of H.R. 146, the Public Lands Management Act of 2009, were passed in an omnibus spending bill as earmarks. If the duplicity ended there, perhaps it would not be an issue. But to add insult to injury ...
Recent Blog Coverage
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Cal Watchdog: Water reform re-Hatched in U.S. Senate | Aquafornia
HR 1837 would unwind the provisions of Dianne Feinstein's bill, H.R. 146, the San Joaquin River Restoration Settlement Act, which passed in 2009. … “ Continue reading from the Cal Watchdog blog by clicking here. April 26 ...
Water reform re-Hatched in U.S. Senate | CalWatchDog
HR 1837 would unwind the provisions of Dianne Feinstein's bill, H.R. 146, the San Joaquin River Restoration Settlement Act, which passed in 2009. Feinstein's H.R. 146: * Took water from Central Valley farmers to redistribute ...
Cal Watchdog: Water reform re-Hatched in U.S. Senate | Aquafornia
HR 1837 would unwind the provisions of Dianne Feinstein's bill, H.R. 146, the San Joaquin River Restoration Settlement Act, which passed in 2009. … “ Continue reading from the Cal Watchdog blog by clicking here. April 26 ...
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