Congressman Jeff Flake H.R.5536 -- Debt Buy-Down Act FULL TEXT

Congressman Flake: So Just How Broke Are We? Mesa, Arizona, Dec 20 - Republican Congressman Jeff Flake, who represents Arizona’s Sixth District, today illustrated the size and scope of the growing national debt. Last week, an Abu Dhabi hotel debuted its opulent 43-foot tree worth $11 million. Approximately 130 ornaments made of various precious stones adorn the tree.

The U.S. is so broke that our massive almost-$14 trillion debt is equal to approximately 1.27 million jewel-decked trees like the one in Abu Dhabi.

“We ought to deck the halls of Congress with some fiscal restraint,” said Flake.

Along with Senator McCain, Congressman Flake introduced the Debt Buy-Down Act, which allows taxpayers to designate up to 10 percent of their federal income tax liability to reduce the national debt. The bill then requires Congress to reduce federal spending by that amount.

To amend the Internal Revenue Code of 1986 to allow individuals to designate that up to 10 percent of their income tax liability be used to reduce the national debt, and to require spending reductions equal to the amounts so designated.

DOCUMENTS in PDF FORMAT:

• The Debt Buy-Down Act of 2010 (H.R. 5536/S. 3496) Section by Section
• H.R.5536 -- Debt Buy-Down Act FULL TEXT