S. 1552: Debt Buy-Down Act
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S. 1552: Debt Buy-Down Act
115th Congress · introduced 2017-07-13 · Economics and Public Finance · Latest: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3999)
federal
Follow this bill, step by step
- Where it came from: introduced 2017-07-13 · official record
- Who proposed it: Sen. Flake, Jeff [R-AZ] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3999) Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Debt Buy-Down Act
Plain summary
Debt Buy-Down Act This bill amends the Internal Revenue Code to allow individual taxpayers to designate up to 10% of their adjusted income tax liability for the reduction of the public debt. The bill also establishes in the Treasury a Public Debt Reduction Trust Fund to hold tax revenues generated by this bill for the reduction of the public debt. The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to: (1) require spending to be reduced annually by an amount equivalent to the revenue generated by this bill, and (2) enforce the requirement for spending reductions using a sequestration, with exemptions for Social Security retirement benefits, veterans benefits, and net interest payments on the debt. (Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.)
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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The strongest published arguments
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Flake, Jeff [R-AZ] · 1 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (3)
- Bill
- A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
- Exemption
- A rule that removes certain people, property or activities from a tax or requirement.
- Securities
- Financial investments that can be bought and sold, such as stocks and bonds.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115s1552.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/s>
Record fed-us-cong115-s1552 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115