,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #aief  ,,in ,,the ,,house ,,of  
,,representatives  ,may #ac1 #bjac ,mr4 
,owens introduced the following bill2   
which was referred to the ,committee on 
,ways and ,means  ,a ,,bill  ,to amend  
title #ca1 ,united ,states ,code1 to    
provide for the issuance of ,war on     
,debt ,bonds4  #a4 ,short title ,this   
,act may be cited as the ,war on ,debt  
,act of #bjac4  #b4 ,war on ,debt ,bonds
  7a7 ,in general ,subchapter ,i of     
chapter #ca of subtitle ,,iii of title  
#ca1 ,united ,states ,code1 is amended  
by inserting after section #caje the    
following new section3  #caje;a4 ,war on
 ,debt ,bonds  7a7 ,the ,secretary shall
 establish and administer a new series  
of ,united ,states savings bonds1 to be 
known as ,war on ,debt ,bonds4 ,proceeds
 from the bonds shall be used first     
solely to reduce the amount of          
foreign-held public debt1 and then to   
reduce other public debt4  7b7 ,a ,war  
on ,debt ,bond shall not mature1 and may

 not be redeemed by the holder1 earlier 
than #ej years from the date of issue4  
,an amount equal to #a_/ej of the       
principal amount of any such bond shall 
be paid to the holder of such bond on   
the #eth anniversary1 and each          
anniversary thereafter1 and shall not be
 includible in gross income under the   
,internal ,revenue ,code of #aihf4      
,interest shall be paid annually on the 
anniversary date of issuance1 and shall 
not be includible in gross income under 
such ,code4  7c7 ,war on ,debt ,bonds   
shall be issued at face value and in    
denominations of not less than #aj1jjj1 
and shall bear interest at a rate       
determined by the ,secretary to be equal
 to #ij percent of the interest rate for
 substantially similar ,,aa rated ,state
 bonds1 adjusted annually4  7d7 ,if     
during any fiscal year during which any 
,war on ,debt ,bond is outstanding--    
7#a7 the ,federal budget deficit for    
such fiscal year exceeds #c percent of  
gross domestic product 7as most recently

 computed and published by the          
,department of ,commerce72 or  7#b7 the 
public debt exceeds #aj percent of gross
 domestic product 7as so computed and   
published72  then any such bond may be  
redeemed without regard to subsection   
7b74  7e7 ,a ,war on ,debt ,bond may    
only be held by--  7#a7 a citizen or    
resident of the ,united ,states2  7#b7 a
 domestic partnership1 or domestic      
corporation1 not more than #a percent of
 the ownership interest of which is held
 7directly or indirectly7 by a person   
who is not a ,united ,states person 7as 
defined in section #ggja7;a77#cj7 of the
 ,internal ,revenue ,code of #aihf72 or 
7#c7 an estate or trust which is a      
,united ,states person 7as so defined71 
unless there is a beneficiary of the    
trust who is not a ,united ,states      
person 7as so defined74  4  7b7         
,clerical amendment ,the table of       
sections for subchapter ,i of chapter   
#ca of subtitle ,,iii of title #ca1     
,united ,states ,code1 is amended by    

inserting after section #caje the       
following new item3  #caje;a4 ,war on   
,debt ,bonds4  4