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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

  • Official: To amend title 31, United States Code, to provide for the issuance of War on Debt Bonds. as introduced.
  • Short: War on Debt Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/05/11
 
 
 
 
 
 
 

Official Summary

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 matu

Official Summary

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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