H.R.4762 - Congressional Pay Cut for Debt Reduction Act

To reduce the pay of Members of Congress and dedicate the annual savings to a reduction of the national debt. view all titles (2)

All Bill Titles

  • Short: Congressional Pay Cut for Debt Reduction Act as introduced.
  • Official: To reduce the pay of Members of Congress and dedicate the annual savings to a reduction of the national debt. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/04/10
 
 
 
 
 
 
 

Official Summary

Congressional Pay Cut for Debt Reduction Act - Amends the Legislative Reorganization Act of 1946 to: (1) reduce the annual salary of Members of Congress to 90% of the mandatory rate determined for such positions; and (2) eliminate automatic pay adjustments for Members of Congress. Requires

Official Summary

Congressional Pay Cut for Debt Reduction Act - Amends the Legislative Reorganization Act of 1946 to:
(1) reduce the annual salary of Members of Congress to 90% of the mandatory rate determined for such positions; and
(2) eliminate automatic pay adjustments for Members of Congress. Requires the Secretary of the Treasury, as soon as practicable after the beginning of each fiscal year, to:
(1) calculate the reduction in outlays expected to occur during the fiscal year as a result of the application of the amendments made by this Act; and
(2) transfer an equivalent amount to a specified account in the Treasury to reduce the public debt.

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