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Full Text of this Amendment
At the appropriate place, insert the following:
SEC. __X. PRESIDENTIAL DEBT REDUCTION PLAN.
The President shall submit a comprehensive plan to Congress for reducing Federal outlays for the current fiscal year by at least one-half of 1 percent of total Federal outlays not later than 15 days after the date the total outstanding gross debt exceeds 95 percent of the amount of the statutory limit on public debt (as set forth in section 3101 of title 31, United States Code).
(As printed in the Congressional Record for the Senate on May 13, 2009.)