Debt Buy-Down Act

Read twice and referred to the Committee on Finance.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Mar 15, 2011

Debt Buy-Down Act - 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.

Establishes in the Treasury the Public Debt Reduction Trust Fund to hold tax revenues generated by this Act for the reduction of the public debt.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require a sequestration of federal spending equivalent to the estimated aggregate amount designated by taxpayers under this Act to reduce the public debt. Prohibits any reduction in social security retirement benefits, veterans benefits, or interest payments on federal debt as a result of any such sequestration.

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People & committees

Who introduced it

Sen. McCain, John [R-AZ] · R–AZ

Committees

Finance Committee

1 cosponsorship records, including any withdrawals

Sen. Rubio, Marco [R-FL]

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Mar 15, 2011
Read twice and referred to the Committee on Finance.
Mar 15, 2011
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Mar 15, 2011 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

HR 634 · Debt Buy-Down Act of 2011

Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.574 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.574, 112th Congress: Debt Buy-Down Act

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/574

Text version to examine: Introduced in Senate · 2011-03-15.

Official full text: https://www.congress.gov/112/bills/s574/BILLS-112s574is.htm

Imported record last updated by the source: 2025-12-05T20:11:54Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.574 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.574 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.574, 112th Congress: Debt Buy-Down Act

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/574

Text version to examine: Introduced in Senate · 2011-03-15.

Official full text: https://www.congress.gov/112/bills/s574/BILLS-112s574is.htm

Imported record last updated by the source: 2025-12-05T20:11:54Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.574 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.574 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.574, 112th Congress: Debt Buy-Down Act

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/574

Text version to examine: Introduced in Senate · 2011-03-15.

Official full text: https://www.congress.gov/112/bills/s574/BILLS-112s574is.htm

Imported record last updated by the source: 2025-12-05T20:11:54Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.574 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.574 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.574, 112th Congress: Debt Buy-Down Act

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/574

Text version to examine: Introduced in Senate · 2011-03-15.

Official full text: https://www.congress.gov/112/bills/s574/BILLS-112s574is.htm

Imported record last updated by the source: 2025-12-05T20:11:54Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.574 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.