H.R. 4762 · 111th Congress
Congressional Pay Cut for Debt Reduction Act
- Stage
- In committee
- Sponsor
- Dan Burton
- Introduced
- 2010-03-04
- Latest action
- 2010-03-04 · Introduced in House
Summary
Congressional Pay Cut for Debt Reduction Act - Amends the Legislative Reorganization Act of 1946 to: (1) reduce the annual salary of Members of Congress to 90% of the mandatory rate determined for such positions; and (2) eliminate automatic pay adjustments for Members of Congress.
Requires the Secretary of the Treasury, as soon as practicable after the beginning of each fiscal year, to: (1) calculate the reduction in outlays expected to occur during the fiscal year as a result of the application of the amendments made by this Act; and (2) transfer an equivalent amount to a specified account in the Treasury to reduce the public debt.