Sec. 3. Issuance of GDP-linked bonds to pay the principal and interest on the public debt

203 words·~1 min read·/bill/116/hr/5083/ih/section-3

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Upon the issuance of a notification to Congress under section 2, the Secretary of the Treasury shall issue bonds— with an interest rate linked to the nominal gross domestic product of the United States; and the proceeds from which may only be used to pay the principal and interest on obligations of the United States held by the public or the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund. Obligations issued under subsection

(a)shall not be taken into account in applying the limitation in section 3101(b) of title 31, United States Code, to the extent that such obligation would otherwise cause the limitation in section 3101(b) of title 31, United States Code, to be exceeded. If the Secretary of the Treasury issues bonds under subsection (a), the Secretary shall thereafter submit a report each week, until all such bonds are redeemed, providing an accounting relating to— the principal on mature obligations and interest that is due or accrued of the United States; and any bonds issued pursuant to subsection (a). The report required by paragraph

(1)shall be submitted to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate.