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May 12, 2009, 12:00 am ET - Amendment SA 1085 proposed by Senator McConnell for Senator Gregg to Amendment SA 1058.
May 13, 2009, 12:00 am ET - Amendment SA 1085 ruled out of order by the chair.
May 13, 2009, 12:00 am ET - Considered by Senate.
May 13, 2009, 12:00 am ET - Point of order raised in Senate with respect to amendment SA 1085.
May 13, 2009, 4:51 pm ET - Motion to Waive CBA Re: Gregg Amdt. No. 1085

Full Text of this Amendment

SA 1085. Mr. GREGG submitted an amendment intended to be proposed to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to the bill H.R. 627, to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes; as follows:

At the appropriate place, insert the following:
SEC. __X. ENHANCED TAXPAYER DISCLOSURE.
(a) In General.--It shall not be in order to consider any appropriations, direct spending, or revenue bill or joint resolution reported by any committee unless the measure contains a debt disclosure section setting forth debt disclosures in the following form:
``SEC. __X. DEBT DISCLOSURE.
``(a) Current Debt.--The level of the current gross Federal debt of the Nation is $__XXX.

``(b) Per Person.--The level of the current gross Federal debt of the Nation per citizen is $__XXX.

``(c) Debt Increase With Passage of This Act.--Enactment of this Act would cause the gross Federal debt of the Nation to rise or fall to $__XXX. The new level of gross Federal debt per citizen would equal $
__XXX.

``(d) Definitions.--In this section, the term `gross Federal debt' means the nominal levels of gross Federal debt (debt subject to limit as set forth in the Budget Resolution) as determined by the Bureau of Public Debt and published in latest Monthly Treasury Statement, not debt as a percentage of gross domestic product, and not levels relative to baseline projections.''.
(b) Supermajority Waiver and Appeal in the Senate.--
(1) WAIVER.--This section may be waived or suspended only by the affirmative vote of three-fifths of the Members, duly chosen and sworn.
(2) APPEAL.--An affirmative vote of three-fifths of the Members, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.
SEC. __. ANNUAL NOTIFICATION OF PER TAXPAYER SHARE OF FEDERAL PUBLIC DEBT.
(a) In General.--Chapter 77 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
``SEC. 7529. ANNUAL NOTIFICATION OF PER TAXPAYER SHARE OF FEDERAL PUBLIC DEBT.
``In the case of any booklet of instructions for Form 1040, 1040A, or 1040EZ prepared by the Secretary for filing individual income tax returns for taxable years beginning in any calendar year, the Secretary shall include in a prominent place the per individual taxpayer share of the Federal public debt determined on the last day of the preceding fiscal year and using the most recent census data. The information regarding such share of the Federal public debt shall also be placed prominently
on the Internal Revenue Service Internet website.''.
(b) Conforming Amendment.--The table of sections for such chapter 77 is amended by adding at the end the following new item:

``Sec..7529..Annual notification of per taxpayer share of Federal public debt.''.
SEC. __X. NATIONAL DEBT CLOCK DISPLAYED ON GOVERNMENT WEBSITES.
(a) Definition.--In this section:
(1) AGENCY.--The term ``agency'' has the meaning given under section 551(1) of title 5, United States Code.
(2) CONGRESSIONAL WEBSITE.--The term ``congressional website'' means--
(A) the website relating to the Senate maintained by the Secretary of the Senate; and
(B) the website relating to the House of Representatives maintained by the Clerk of the House of Representatives.
(b) National Debt Clock.--The website of each agency and each congressional website shall include a national debt clock that displays the national debt and the rate of the increase in the national debt on a continuous basis.


(As printed in the Congressional Record for the Senate on May 12, 2009.)