,,ii  #aae? ,,congress  #a/ ,session    
,s4 #aeeb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ac1 #bjag,mr4   
,flake introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to all[           
individuals to designate t up to #aj    
p]c5t ( _! income tax liability be us$  
to r$uce ! national debt1 & to require  
sp5d+ r$uctions equal to ! am\nts s     
designat$4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,debt ,buy-,d[n ,act4   
#b4 ,designation ( am\nts = r$uction (  
public debt  7a7 ,9 g5]al ,sub*apt] ,a (
 *apt] #fa ( ! ,int]nal ,rev5ue ,code ( 
#aihf 7relat+ to returns & records7 is  
am5d$ by add+ at ! end ! foll[+ new "p3 
,,ix ,designation = r$uction ( public   
debt  ,sec4 #fjig4 ,designation4  #fjig4
 ,designation  7a7 ,9 g5]al ,e          
individual ) adju/$ income tax liability
 = any taxable ye> may designate t a    
portion ( su* liability 7n to exce$ #aj 
p]c5t !re(7 %all be us$ to r$uce !      

public debt4  7b7 ,mann] & "t (         
designation ,a designation "u subsection
 7a7 may be made ) respect to any       
taxable ye> only at ! "t ( fil+ ! return
 ( tax impos$ by *apt] #a = ! taxable   
ye>4 ,! designation %all be made on !   
fir/ page ( ! return or on ! page be>+ !
 taxpay]'s signature4  7c7 ,adju/$      
income tax liability ,= purposes ( ?is  
section1 ! adju/$ income tax liability (
 an individual = any taxable ye> is !   
income tax liability ( ! individual = ! 
taxable ye> det]m9$ "u section          
#fjif7;b71 r$uc$ by any am\nt designat$ 
"u section #fjif7;a74  4  7b7 ,cl]ical  
am5dm5t ,! table ( p>ts = su* sub*apt]  
,a is am5d$ by add+ at ! end ! foll[+   
new item3  ,"p ,,ix4 ,designation =     
r$uction ( public debt  4  7c7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s end+ 
aft] ! date ( ! enactm5t ( ?is ,act4    
#c4 ,public debt r$uction tru/ fund  7a7
 ,9 g5]al ,sub*apt] ,a ( *apt] #ih ( !  
,int]nal ,rev5ue ,code ( #aihf 7relat+  

to tru/ fund code7 is am5d$ by add+ at !
 end ! foll[+ section3  #ieab4 ,public  
debt r$uction tru/ fund  7a7 ,creation (
 tru/ fund ,!re is e/abli%$ 9 !         
,treasury ( ! ,unit$ ,/ates a tru/ fund 
to be kn[n z ! ,public ,debt ,r$uction  
,tru/ ,fund1 consi/+ ( any am\nt        
appropriat$ or cr$it$ to ! ,tru/ ,fund z
 provid$ 9 ?is section or section       
#ifjb7;b74  7b7 ,transf]s to tru/ fund  
,!re are h]eby appropriat$ to ! ,public 
,debt ,r$uction ,tru/ ,fund am\nts      
equival5t to ! am\nts designat$ "u      
section #fjig 7relat+ to designation =  
public debt r$uction74  7c7 ,exp5ditures
 ,am\nts 9 ! ,public ,debt ,r$uction    
,tru/ ,fund %all be us$ by ! ,secret>y =
 purposes ( pay+ at maturity1 or to     
r$eem or buy be=e maturity1 any         
obligation ( ! ,f$]al ,gov]nm5t includ$ 
9 ! public debt 7o!r ?an an obligation  
held by ! ,f$]al ,old-,age & ,survivors 
,insurance ,tru/ ,fund1 or ! ,dep>tm5t (
 ,def5se ,milit>y ,retirem5t ,fund74    
,any obligation :i* is paid1 r$eem$1 or 

b\ght ) am\nts f ! ,public ,debt        
,r$uction ,tru/ ,fund %all be cancel$ & 
retir$ & may n be reissu$4  4  7b7      
,cl]ical am5dm5t ,! table ( sections =  
su* sub*apt] is am5d$ by add+ at ! end !
 foll[+ new item3  ,sec4 #ieab4 ,public 
,debt ,r$uction ,tru/ ,fund4  4  7c7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to am\nts receiv$    
aft] ! date ( ! enactm5t ( ?is ,act4    
#d4 ,taxpay]-g5]at$ seque/ration (      
,f$]al sp5d+ ,to r$uce ! public debt    
7a7 ,seque/ration ,to r$uce ! public    
debt ,"p ,c ( ! ,balanc$ ,budget &      
,em]g5cy ,deficit ,control ,act ( #aihe 
is am5d$ by ins]t+ aft] section #bec !  
foll[+ new section3  #bec;,a4           
,seque/ration to r$uce ! public debt    
7a7 ,seque/ration ,)9 #ae days aft]     
,congress adj\rns to end a session1 & on
 ! same day z seque/ration 7if any7 "u  
sections #bea1 #beb1 & #bec1 & "u       
section #e7;b7 ( ! ,/atutory            
,pay-,z-,y-,g ,act ( #bjaj1 b aft] any  
seque/ration requir$ by ^? sections1 !re

 %all be a seque/ration equival5t to !  
e/imat$ aggregate am\nt designat$ "u    
section #fjig ( ! ,int]nal ,rev5ue ,code
 ( #aihf = ! la/ taxable ye> end+ #a ye>
 be=e ! beg9n+ ( t session ( ,congress1 
z e/imat$ by ! ,dep>tm5t ( ! ,treasury  
on ,octob] #a & z modifi$ by ! total (--
  7#a7 any am\nts by :i* net            
discretion>y sp5d+ is r$uc$ by an ,act (
 ,congress to be bel[ ! discretion>y    
sp5d+ limits t is enact$ aft] ! date (  
enactm5t ( ?is section & relate to !    
fiscal ye> subject to ! seque/ration    
7or1 9 ! abs5ce ( su* limits1 any net   
deficit *ange f ! basel9e am\nt         
calculat$ "u section #beg72 &  7#b7 !   
net deficit *ange t has result$ f all   
direct sp5d+ legislation enact$ aft] !  
date ( enactm5t ( ?is section t relate  
to ! fiscal ye> subject to !            
seque/ration1 z e/imat$ by ! ,(fice (   
,managem5t & ,budget4  ,if ! r$uction 9 
sp5d+ "u p>agraphs 7#a7 & 7#b7 = a      
fiscal ye> is great] ?an ! e/imat$      
aggregate am\nt designat$ "u section    

#fjig ( ! ,int]nal ,rev5ue ,code ( #aihf
 = t fiscal ye>1 !n !re %all be no      
seque/ration "u ?is section4  7b7       
,applicability  7#a7 ,9 g5]al ,not)/&+  
sections #bee & #bef1 & except z provid$
 by p>agraph 7#b71 ea* acc\nt ( ! ,unit$
 ,/ates %all be r$uc$ by a doll> am\nt  
calculat$ by multiply+ ! level (        
budget>y res\rces 9 t acc\nt at t "t by 
! uni=m p]c5tage necess>y to c>ry out   
subsection 7a74 ,all obligational       
au?ority r$uc$ "u ?is section %all be   
done 9 a mann] t makes su* r$uctions    
p]man5t4  7#b7 ,exempt acc\nts ,no ord] 
issu$ "u ?is section may-- 7,a7 r$uce   
b5efits payable to ! old-age & survivors
 insurance program e/abli%$ "u title    
,,ii ( ! ,social ,security ,act2  7,b7  
r$uce retir$ or reta9] pay payable to a 
memb] or =m] memb] ( ! uni=m$ s]vices2  
or  7,c7 r$uce paym5ts = net int]e/ 7all
 ( major functional category #ijj74  4  
7b7 ,reports ,section #bed ( ! ,balanc$ 
,budget & ,em]g5cy ,deficit ,control    
,act ( #aihe is am5d$--  7#a7 9         

subsection 7a71 by add+ at ! end ( !    
table ! foll[+ new item3  ,octob]       
#a;,dep>tm5t ( ! ,treasury report to    
,congress e/imat+ am\nt ( income tax    
designat$ pursuant to section #fjig ( ! 
,int]nal ,rev5ue ,code ( #aihf4 2  7#b7 
9 subsection 7c7--  7,a7 9 p>agraph     
7#a71 by ins]t+ 1 & seque/ration to     
r$uce ! public debt1 aft] seque/ration2 
7,b7 by r$esignat+ p>agraph 7#e7 z      
p>agraph 7#f72 &  7,c7 by ins]t+ aft]   
p>agraph 7#d7 ! foll[+3  7#e7 ,reports  
on seque/ration to r$uce ! public debt  
,! preview reports %all set =? = !      
budget ye> e/imates = ea* ( ! foll[+3   
7,a7 ,! aggregate am\nt designat$ "u    
section #fjig ( ! ,int]nal ,rev5ue ,code
 ( #aihf = ! la/ taxable ye> end+ be=e !
 budget ye>4  7,b7 ,! am\nt ( r$uctions 
requir$ "u section #bec;,a & ! deficit  
rema9+ aft] ^? r$uctions h be5 made4    
7,c7 ,! seque/ration p]c5tage necess>y  
to a*ieve ! requir$ r$uction 9 acc\nts  
"u section #bec;,a7b74  2 &  7#c7 9     
subsection 7f7-- 7,a7 by r$esignat+     

p>agraphs 7#d7 & 7#e7 z p>agraphs 7#e7 &
 7#f71 respectively2 &  7,b7 by ins]t+  
aft] p>agraph 7#c7 ! foll[+3  7#d7      
,reports on seque/ration to r$uce !     
public debt ,! f9al reports %all conta9 
all ( ! in=mation conta9$ 9 ! public    
debt taxation designation report requir$
 on ,octob] #a4  4  7c7 ,con=m+ am5dm5t 
,! table ( cont5ts 9 section #bej7;a7 ( 
! ,balanc$ ,budget & ,em]g5cy ,deficit  
,control ,act ( #aihe is am5d$ by ins]t+
 aft] ! item relat+ to section #bec !   
foll[+3  ,sec4 #bec;,a4 ,seque/ration to
 r$uce ! public debt4  4  7d7 ,sunset ,!
 am5dm5ts made by ?is section %all cease
 to h =ce or effect aft] ! fir/ fiscal  
ye> dur+ :i* !re is no public debt4