S. 869 would require the Secretary of the Treasury to use any amounts repaid by a financial institution that is a recipient of assistance under the Troubled Assets Relief Program for debt reduction.
Detailed Summary
Debt Reduction Priority Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to require the Secretary of the Treasury to deposit in the Public Debt Reduction Payment Account (established by this Act) amounts received for repayment of financial assistance or payment of interest on the receipt of such assistance by an entity under the Troubled Asset Relief Program (TARP) or any program enacted by the Secretary under the authorities granted under such Act, including the Capital Purchase Program.
Requires the Secretary to use amounts in the Account to pay at maturity, or to redeem or buy before maturity, any obligation of the government held by the public and included in the public debt.
Reduces the public debt limit by the aggregate of amounts deposited into the Account.
Excludes receipts and disbursements of the Account from consideration as new budget authority, outlays, receipts, or deficit or surplus for purposes of the President's budget, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985. Requires outlays and receipts of the Account to be excluded from any official statement of budget surplus or deficit totals issued by the Office of Management and Budget (OMB), the Congressional Budget Office (CBO), or any other federal agency or instrumentality.
Status of the Legislation
Latest Major Action: 4/22/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
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Points Against
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Visitor Comments
marcopolo
July 20, 2010, 1:46am (report abuse)I appreciate the concern which is been rose. The things need to be
sorted out because it is about the individual but it can be with
everyone.The above statement is seen to be contradictory. The situation is very critical and need an experience complainer to resolve it.
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kiroshimasylvia
(logged-in user) July 20, 2010, 11:29pm (report abuse)I think that you need to check and see, my understanding is that flood insurance is available. One of the problems that the public may encounter is an agent that has not been to flood insurance education to sell it. That might have alot to do with it.. I think he said the other day that 33% of the claims for flood, were not in the flood plain. But, most people will not buy due to paying another premium….
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