War on Debt Act of 2010

Summary

War on Debt Act of 2010 - 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 30 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 30 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 27 April 2010

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 27 April 2010

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 April 2010

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 27 April 2010 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 April 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 April 2010

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 April 2010

  Open at official source

Sponsors

• Rep. Owens, William L. [D-NY-21] · D · Sponsor
• Rep. Murphy, Scott [D-NY-20] · D · Cosponsor
• Rep. Davis, Lincoln [D-TN-4] · D · Cosponsor
• Rep. Boccieri, John A. [D-OH-16] · D · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.