,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aief  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ac1 #bjac ,mr4  
,ow5s introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d title #ca1 ,unit$ 
,/ates ,code1 to provide = ! issuance ( 
,w> on ,debt ,bonds4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,w> on ,debt  
,act ( #bjac4  #b4 ,w> on ,debt ,bonds  
7a7 ,9 g5]al ,sub*apt] ,i ( *apt] #ca ( 
subtitle ,,iii ( title #ca1 ,unit$      
,/ates ,code1 is am5d$ by ins]t+ aft]   
section #caje ! foll[+ new section3     
#caje;a4 ,w> on ,debt ,bonds  7a7 ,!    
,secret>y %all e/abli% & adm9i/] a new  
s]ies ( ,unit$ ,/ates sav+s bonds1 to be
 kn[n z ,w> on ,debt ,bonds4 ,proce$s f 
! bonds %all be us$ fir/ solely to r$uce
 ! am\nt ( =eign-held public debt1 & !n 
to r$uce o!r public debt4  7b7 ,a ,w> on
 ,debt ,bond %all n mature1 & may n be  
r$eem$ by ! hold]1 e>li] ?an #ej ye>s f 
! date ( issue4 ,an am\nt equal to      
#a_/ej ( ! pr9cipal am\nt ( any su* bond

 %all be paid to ! hold] ( su* bond on !
 #e? anniv]s>y1 & ea* anniv]s>y !reaft]1
 & %all n be includible 9 gross income  
"u ! ,int]nal ,rev5ue ,code ( #aihf4    
,int]e/ %all be paid annually on !      
anniv]s>y date ( issuance1 & %all n be  
includible 9 gross income "u su* ,code4 
7c7 ,w> on ,debt ,bonds %all be issu$ at
 face value & 9 d5om9ations ( n less ?an
 #aj1jjj1 & %all be> int]e/ at a rate   
det]m9$ by ! ,secret>y to be equal to   
#ij p]c5t ( ! int]e/ rate = sub/antially
 simil> ,,aa rat$ ,/ate bonds1 adju/$   
annually4  7d7 ,if dur+ any fiscal ye>  
dur+ :i* any ,w> on ,debt ,bond is      
out/&+--  7#a7 ! ,f$]al budget deficit =
 su* fiscal ye> exce$s #c p]c5t ( gross 
dome/ic product 7z mo/ rec5tly comput$ &
 publi%$ by ! ,dep>tm5t ( ,comm]ce72 or 
7#b7 ! public debt exce$s #aj p]c5t (   
gross dome/ic product 7z s comput$ &    
publi%$72  !n any su* bond may be r$eem$
 )\t reg>d to subsection 7b74  7e7 ,a   
,w> on ,debt ,bond may only be held by--
  7#a7 a citiz5 or resid5t ( ! ,unit$   

,/ates2  7#b7 a dome/ic p>tn]%ip1 or    
dome/ic corporation1 n m ?an #a p]c5t ( 
! own]%ip int]e/ ( :i* is held 7directly
 or indirectly7 by a p]son :o is n a    
,unit$ ,/ates p]son 7z def9$ 9 section  
#ggja7;a77#cj7 ( ! ,int]nal ,rev5ue     
,code ( #aihf72 or  7#c7 an e/ate or    
tru/ :i* is a ,unit$ ,/ates p]son 7z s  
def9$71 unless !re is a b5efici>y ( !   
tru/ :o is n a ,unit$ ,/ates p]son 7z s 
def9$74  4  7b7 ,cl]ical am5dm5t ,!     
table ( sections = sub*apt] ,i ( *apt]  
#ca ( subtitle ,,iii ( title #ca1 ,unit$
 ,/ates ,code1 is am5d$ by ins]t+ aft]  
section #caje ! foll[+ new item3        
#caje;a4 ,w> on ,debt ,bonds4  4