H.R. 5157 · 111th Congress
War on Debt Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
OwensSponsor3 cosponsors · 3 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Apr 27, 2010
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: War on Debt Act of 2010
Latest action (Apr 27, 2010): Referred to the House Committee on Ways and Means.
Policy area: Economics and Public Finance · Origin: House · Introduced: Apr 27, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.