S. 553 (is) To provide additional trade benefits to countries that comply with the provisions of the ILO Convention. [Introduced in Senate] ...

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106th CONGRESS
  1st Session
                                 S. 552

To provide for budgetary reform by requiring a balanced Federal budget 
                and the repayment of the national debt.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 5, 1999

  Mr. Allard (for himself, Mr. Enzi, Mr. Ashcroft, and Mr. Brownback) 
   introduced the following bill; which was read twice and referred 
 jointly pursuant to the order of August 4, 1977, to the Committees on 
  the Budget and Governmental Affairs, with instructions that if one 
committee reports, the other committee have thirty days to report or be 
                               discharged

_______________________________________________________________________

                                 A BILL


 
To provide for budgetary reform by requiring a balanced Federal budget 
                and the repayment of the national debt.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Debt Repayment Act''.

SEC. 2. BALANCED BUDGET REQUIREMENT.

    Beginning with fiscal year 2000 and for every fiscal year 
thereafter, budgeted outlays shall not exceed budgeted revenues.

SEC. 3. REDUCTION OF NATIONAL DEBT.

    (a) In General.--Beginning with fiscal year 2000 and for every 
fiscal year thereafter, actual revenues shall exceed actual outlays in 
order to provide for the reduction of the gross Federal debt as 
provided in subsection (b).
    (b) Amount.--The amount of reduction required by this subsection 
shall be equal to the amount required to amortize the debt over the 
next 30 years in order to repay the entire debt by the end of fiscal 
year 2029.

SEC. 4. WAIVER.

    Congress may waive the provisions of this Act for any fiscal year 
in which a declaration of war is in effect.

SEC. 5. MAJORITY REQUIREMENT FOR REVENUE INCREASE.

    No bill to increase revenues shall be deemed to have passed the 
House of Representatives or the Senate unless approved by a majority of 
the total membership of each House of Congress by a rollcall vote.

SEC. 6. REVIEW OF REVENUES.

    Congress shall review actual revenues on a quarterly basis and 
adjust outlays to assure compliance with this Act.

SEC. 7. DEFINITION.

    In this Act--
            (1) the term ``revenues'' shall include all revenues of the 
        United States excluding borrowing; and
            (2) the term ``outlays'' shall include all outlays of the 
        United States excluding repayment of debt principal.
                                 <all>

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