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United States · Bill · HR

H.R. 5536 (111th)

Debt Buy-Down Act

referredUnited States· United States Congress· EN

Introduced

16 June 2010

Last action

16 June 2010 · Introduced

Status

Referred to House Budget

Sponsors

Sen. Flake, Jeff [R-AZ], Rep. Duncan, John J., Jr. [R-TN-2], Rep. Burton, Dan [R-IN-5], Rep. Sensenbrenner, F. James, Jr. [R-WI-5], Rep. Posey, Bill [R-FL-8], Rep. Marchant, Kenny [R-TX-24], Rep. Bishop, Rob [R-UT-1], Rep. Pence, Mike [R-IN-6], Rep. Bartlett, Roscoe G. [R-MD-6], Rep. Graves, Tom [R-GA-14], Rep. Issa, Darrell [R-CA-48], Rep. Poe, Ted [R-TX-2], Rep. Wilson, Joe [R-SC-2], Rep. Pitts, Joseph R. [R-PA-16], Rep. Barton, Joe [R-TX-6], Rep. Johnson, Sam [R-TX-3], Sen. Blackburn, Marsha [R-TN], Rep. Gingrey, Phil [R-GA-11], Rep. Campbell, John [R-CA-48], Rep. Gohmert, Louie [R-TX-1], Rep. Culberson, John Abney [R-TX-7], Rep. King, Steve [R-IA-4], Rep. Shadegg, John B. [R-AZ-3], Rep. Lamborn, Doug [R-CO-5], Rep. Schock, Aaron [R-IL-18], Rep. Franks, Trent [R-AZ-8], Rep. Lungren, Daniel E. [R-CA-3], Rep. Olson, Pete [R-TX-22], Rep. Latta, Robert E. [R-OH-5], Rep. Barrett, J. Gresham [R-SC-3], Rep. Conaway, K. Michael [R-TX-11], Rep. Inglis, Bob [R-SC-4], Rep. Chaffetz, Jason [R-UT-3], Rep. Hoekstra, Peter [R-MI-2], Rep. Herger, Wally [R-CA-2]

Subjects

Taxation, Budget

Source updated

5 December 2025

Taxation · Budget

Official sourceDownload fileView documentsShare

Summary

Debt Buy-Down Act - Amends the Internal Revenue Code to allow individual taxpayers to designate up to 10% of their adjusted income tax liability for the reduction of the public debt. Establishes in the Treasury the Public Debt Reduction Trust Fund to hold tax revenues generated by this Act for the reduction of the public debt. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require a sequestration of federal spending equivalent to the estimated aggregate amount designated by taxpayers under this Act to reduce the public debt. Prohibits any reduction in social security retirement benefits, veterans benefits, or interest payments on federal debt as a result of any such sequestration.

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

Timeline

  1. 16 June 2010

    Introduced

    Referred to House Ways and Means

    Source: IntroReferral

  2. 16 June 2010

    Introduced

    Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Source: IntroReferral

  3. 16 June 2010

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 16 June 2010

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 16 June 2010

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  • Introduced in House (PDF)

    Introduced in House · EN · 16 June 2010

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  • Introduced in House

    summary · EN · 16 June 2010

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Sponsors

Related records

Sources

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