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  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
      House Committee on Energy and Commerce
      Health
      Communications and Technology
      House Committee on Appropriations
      House Committee on Ways and Means
      House Committee on Transportation and Infrastructure
      Aviation
      Coast Guard and Maritime Transportation
      Economic Development, Public Buildings, and Emergency Management
      Highways and Transit
      Railroads, Pipelines, and Hazardous Materials
      Water Resources and Environment
      House Committee on Veterans' Affairs
    IntroducedJuly 9th, 2009

Bill Details

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Title

Reducing Barack Obama's Unsustainable Deficit Act

Official Title

To rescind unobligated appropriations and repeal certain provisions in the American Recovery and Reinvestment Act of 2009, and for other purposes.

Summary

Reducing Barack Obama's Unsustainable Deficit Act - Rescinds all unobligated balances of the discretionary appropriations made available in division A of the American Recovery and Reinvestment Act of 2009 (ARRA). Repeals subtitles B (Assistance for Vulnerable Individuals) and C (Economic Recovery Payments to Certain Individuals) of title II (the Assistance for Unemployed Workers and Struggling Families Act) and titles III (Premium Assistance for COBRA Benefits), IV (Medicare and Medicaid Health Information Technology; Miscellaneous Medicare Provisions), V (State Fiscal Relief), VI (Broadband Communications), and VII (Limits on Executive Compensation) of division B of ARRA. Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate upon enactment of this Act (currently, December 31, 2009) the Secretary of the Treasury's authority to establish the Troubled Asset Relief Program (TARP) and the program to guarantee troubled assets originated or issued before March 14, 2008, including mortgage-backed securities. Repeals the authorization for a two-year extension of such authority if the Secretary submits a specified certification to Congress. Requires the Secretary, each time a financial institution makes a TARP repayment, to transfer such repayments to the special account established in the Treasury for reducing public debt.

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