H.R. 4762

Congressional Pay Cut for Debt Reduction Act

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I

111th CONGRESS

2d Session

H. R. 4762

IN THE HOUSE OF REPRESENTATIVES

March 4, 2010

Mr. Burton of Indiana introduced the following bill; which was referred to the Committee on House Administration, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To reduce the pay of Members of Congress and dedicate the annual savings to a reduction of the national debt.

1.

Short title

This Act may be cited as the Congressional Pay Cut for Debt Reduction Act.

2.

Reduction of pay of Members of Congress and elimination of automatic pay adjustments

(a)

Reduction of pay

Section 601(a)(1) of the Legislative Reorganization Act of 1946 (2 U.S.C. 31(1)) is amended by inserting 90 percent of before the rate determined for such positions.

(b)

Elimination of automatic pay adjustments

Section 601(a) of such Act is amended by striking paragraph (2).

(c)

Conforming amendments

Section 601(a)(1) of such Act is amended—

(1)

by striking (a)(1) and inserting (a);

(2)

by redesignating subparagraphs (A), (B), and (C) as paragraphs (1), (2), and (3), respectively; and

(3)

by striking , as adjusted by paragraph (2) of this subsection.

(d)

Effective date

The amendments made by this section shall take effect on December 31, 2010.

3.

Dedication of savings to reduction of national debt

(a)

In general

As soon as practicable after the beginning of each fiscal year, the Secretary of the Treasury shall calculate the reduction in outlays expected to occur during the fiscal year as a result of the application of the amendments made by section 2, and transfer an amount equal to such reduction out of the general fund of the Treasury and to the account established under section 3113(d) of title 31, United States Code, to reduce the public debt.

(b)

Report

Not less than 60 days before each transfer under subsection (a), the Secretary of the Treasury shall submit to the Congress a report setting forth the amount of the proposed transfer and the methodology used by the Secretary to calculate the amount.