Taxpayers' Advocate-Debt Reduction Act

[AI summary unavailable — showing source text] Taxpayers' Advocate - Debt Reduction Act - Title I: General Provisions - Declares the policy of the Congress to effect a reasoned and practical reduction of the public debt of the Nation. Defines terms used in this Act. Title II: The Budget and Public Debt - Requires the annual Federal budget presented to the Congress in accordance with the Budget and Accounting Act of 1921 to provide that all proposed and anticipated outlays of the Federal Government shall be balanced by expected Federal revenues. Requires the President to designate the percentage of the total budget to the nearest one-hundredth of a point which equals his request for each branch, department and agency of the Federal Government. Prohibits Government agencies and departments from using receipts earmarked for trust funds. Provides a scale for limiting the public debt set forth in the Second Liberty Bond Act effective July 1, 1972 by an amount equal to 2 percent of the revenues of the United States of the previous fiscal year, and extending through July 2, 1975, and July 1, of each year thereafter by an amount equal to 5 percent of such revenues for each previous fiscal year. Provides that the provisions of this Act …