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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 Ways and Means
    IntroducedApril 27th, 2010

Bill Details

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Title

War on Debt Act of 2010

Official Title

To amend title 31, United States Code, to provide for the issuance of War on Debt Bonds.

Summary

War on Debt Act of 2010 - Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "War on Debt Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt. Sets the maturity and redemption date of a War on Debt Bond at 30 years from the date of issue. Requires certain annual principal and interest payments, which shall not be includible in gross income under the Internal Revenue Code. Allows redemption of such a Bond before 30 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit exceeds 3% of gross domestic product (GDP); or (2) the public debt exceeds 10% of GDP. Limits the holding of a War on Debt Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.

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