Downpayment on the Debt Act of 1999

[AI summary unavailable — showing source text] Downpayment on the Debt Act of 1999 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide that the purpose of pay-as-you-go provisions is to ensure that legislation (currently, legislation enacted before FY 2002) affecting direct spending or receipts that results in a net budget increase (currently, increases the deficit) will trigger an offsetting sequestration. Extends pay-as-you-go and other specified provisions through FY 2009. Defines "budget increase" and "budget decrease" to mean, for purposes of pay-as-you-go provisions, an increase or decrease, respectively, in direct spending outlays or a decrease or increase, respectively, in receipts relative to the baseline. Requires a sequestration to offset the amount of any net budget (currently, deficit) increase caused by all direct spending and receipts legislation.…