Taxpayers' Advocate-Debt Reduction Act

Summary

Taxpayers' Advocate - Debt Reduction Act - Title I: General Provisions - Declares the policy of the Congress to effect a reasoned and practical reduction of the public debt of the Nation. Defines terms used in this Act. Title II: The Budget and Public Debt - Requires the annual Federal budget presented to the Congress in accordance with the Budget and Accounting Act of 1921 to provide that all proposed and anticipated outlays of the Federal Government shall be balanced by expected Federal revenues. Requires the President to designate the percentage of the total budget to the nearest one-hundredth of a point which equals his request for each branch, department and agency of the Federal Government. Prohibits Government agencies and departments from using receipts earmarked for trust funds. Provides a scale for limiting the public debt set forth in the Second Liberty Bond Act effective July 1, 1972 by an amount equal to 2 percent of the revenues of the United States of the previous fiscal year, and extending through July 2, 1975, and July 1, of each year thereafter by an amount equal to 5 percent of such revenues for each previous fiscal year. Provides that the provisions of this Act shall not be applicable during war declared by Congress. Title III: Joint Congressional Sessions on the Public Debt - Provides for a monthly joint session of the Congress while the Congress is in session to provide information on the status of the public debt. Provides for a detailed report by the Taxpayers' Advocate, to be presented to the Members assembled at such joint session. Provides that the Taxpayers' Advocate shall be the chairman of the Joint Committee on Reduction of Federal Expenditures or any congressional member of that committee appointed by the chairman. Authorizes the Taxpayers' Advocate to call upon the Secretary of the Treasury, the Director of the Office of Management and Budget or the Comptroller General to present certain portions of his report. Provides for procedures for the conduct of business at such joint sessions.

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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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